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Showing results for tags 'rental income'.
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Hope someone can help me out, I can't find any advice anywhere online. I'm in a situation for a couple years where I need to rent out my house to tenants, and rent another house closer to work. I'm paying much more in rent than I'm earning from my tenants. Is there any way I can use this to my advantage on my return? I don't like the idea of paying income tax on rent if I'm already in the negative. Thanks in advance!
Markbo posted a topic in Reporting incomeI rented out my principal residence for a few months in 2015 while I was away for work reasons, so I'd like to make an election under paragraph 45(2) of the income tax act that the property use has not changed. The purpose is that the home remains my principal residence, I don't want to be charged capital gains tax, and I don't want to have to repay the outstanding amount in the Home Buyer's Plan right now. Does anybody know how to do that in Ufile? The rental income pages are pretty clear otherwise.