Rental Income

Rental income is income you earn from renting property that you own or have use of.

You can own property by yourself or with someone else. Rental income includes income from renting a house, apartments, rooms, space in an office building, or other real or movable property.

To determine whether your rental income is from property or from business, consider the number & kinds of services you provide for your tenants.

In most cases, you are earning income from property if you rent space & provide basic services only. Basic services include heat, light, parking, & laundry facilities.

If you provide additional services to tenants, such as cleaning, security, & meals, you may be carrying on a business. The more services you provide, the greater the chance that your rental operation is a business.

Please considerĀ the following listĀ as a help in preparation of complete documentation for filing the INCOME TAX RETURN.

GET READY FOR INCOME TAX SEASON: WHAT TO BRING TO TAX SPECIALIST

Please consider this checklist as a guide to help make the tax season a smooth one.

List of documents for reporting rental income

(You should have received all your applicable tax documentation by the end of the March).

Call for Your Booking Request Now!