Here is the form that Canada Revenue Agency uses when calculating the income and expenses. Print it off and use it as a guideline to know what kind of expenses are allowed. If you drive, make sure that you keep track of your kilometers in the beginning of the year and take note of what it is at the end of the year. Calculate how far the rental property is from your home and the number of trips that you take and you can deduct the expenses for running the car, gas, car wash, insurance, license renewal ( plates), depreciation, car payments, oil changes and any other expenses that you incur insofar as your car is concerned.
In addition your have all the regular expenses, mortgage, interest, ( only interest can be claimed in Canada), utilities, legal, office, accounting expenses etc.
This form will be a great outline for those of you who are just starting out. If you have a specific question, feel free to post it on the blog and I will try and answer it asap.
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