So… you wanna be a landlord?
Tax considerations for rental properties
Authors: Jamie Golombek & Debbie Pearl-Weinberg
Considering becoming a landlord? You’re not alone. According to recent a CIBC poll, more than one in four Canadian homeowners are either already landlords (15%) or plan to earn rental income (11%) by renting out
space in their primary residence or from a separate rental property. And, nearly two in five (37%) homeowners say they’d opt for a home with a source of rental income if buying a home today.
While there are many financial and legal issues to consider as a landlord, make sure that you don’t overlook tax considerations of earning rental income. Whether you’re purchasing a residential or
commercial property for the purpose of leasing it out, or you are considering renting your home or part of your home, this report highlights some of the more common tax issues you should consider before taking