Rental Receipt for Tax Return

Hi,

I'm a co-op uni student who rented a house for a full year, and while the months i'm on coop, i rent it out to other ppl. i understand my tenants pay me rent through my account, as then i paid my landlord.

My question is this,
So this "tenant" of mine is requesting a receipt of rental proof for 2004 for tax return (deductible?) as a student. I'm just wondering how does that receipt have to look? is there any legal format? or is there any already ready availible form i can jus fill in the numbers and sign? does it have to include all ultitiy expense, since its the "tenant" who paid them and not me.

i thanks u all in advance

No, it does not have to be in any specific format, as long as you also report the rental income in your tax return according to the address given, and when Revenue Canada cross check the address they will see your rental income being reported in your 2004 return and that will do. You can just sign and say how much you had received from your tenant during which period of time in 2004 and that will do.

You can buy that receipt booklet from dollar store. Make sure you claim the total rent that you paid to the homeowner during those months and the amount that you have collected for rent (So that you get the net amount).

right. perfect & thanks

Sorry, what qualifies as rental income? Say if you have an elderly dependent living with you and chip in a small $. Would that be rental income? My guess is if the eldery claims that as rental credit, then you have to report it as rental income???

Originally Posted by AAA

Sorry, what qualifies as rental income? Say if you have an elderly dependent living with you and chip in a small $. Would that be rental income? My guess is if the eldery claims that as rental credit, then you have to report it as rental income???

correct...i use to do this for my uncle who had very low income (which the rental income didnt affect his taxes much)...but his elder mother claimed rental credit which increased her refund.

great way to increase the household net tax refund for their case.