Who this is for
- Homeowners renting out a basement suite or a room
- Owners of a rental condo, townhouse or house
- Co-owners who share rental income with a spouse or family member
- People who have started or stopped renting during the year
- Owners selling a property that was rented out
What to bring
- The total rent received for the year, by property
- Mortgage interest statements (interest only, not principal)
- Property tax, home insurance and strata fee statements
- Utility bills you paid for the rented space
- Receipts for repairs and maintenance
- Invoices for renovations or improvements
- The floor area of the rented part, or the number of rooms, if you live in the property
- The co-ownership split, if the property is shared
What is included
We prepare the statement of rental income and expenses that goes with your personal return, one for each rental property. We split shared costs between your home and the rental. We separate repairs from improvements and explain the depreciation choice. Then we prepare and file your personal return as usual.
How it works
- Call or request a callback. Tell us how many properties and who owns them.
- Bring your figures. We go through rent and expenses with you, property by property.
- We prepare and file. You review the return before it is filed, and you get a copy.
Selling a rental
When a property that was rented out is sold, the sale must be reported. Part or all of the gain may be taxable. Talk to us before the sale if you can. See our guide to selling your home.
Fees
Fees depend on the number of properties and how the records are kept. We confirm the fee before we begin. See how our fees work.
Common questions
Can I claim my whole house's costs against the suite?
No. You claim the share that belongs to the rented part, split by floor area or number of rooms. Costs only for the suite can be claimed in full.
Should I claim depreciation on the rental?
Often not, if the rental is part of your own home. Claiming it can make part of the gain taxable when you sell. We explain the trade-off before anything is claimed.
Is a renovation a repair?
Not usually. A repair restores what was there. An improvement that makes the property better than before is generally claimed over several years instead.
Can I speak to someone in Punjabi or Hindi?
Yes. Our team speaks English, Punjabi and Hindi. Tell us your preferred language when you call or request a callback.
Read before you call
- 7 basement suite tax mistakes homeowners should avoid
- Renting out your basement suite: what records should you keep?
- Selling your home? 5 tax things people forget
Related services
This page describes our service in general terms and is not advice about your individual situation.