taxes help

Hi,

I have a full time job currently and recently purchased a couple of condos for investment purposes.

I was woundering what kinda stuff can I write off, if anything?

GenX

Moved to the Personal Finance forum...

Personal taxes, when you only have income and RRSPs are extremely easy to do on your own with the help of something like quicktax. Owning rental property makes it a bit more difficult but nothing insurmountable.

I would suggest getting someone to do your taxes the first time. The few financial planners i know who do this just use quicktax. Arrange to have them walk through quicktax with you, showing you exactly what you can claim. Then you can do it on your own next year.

The expenses that you can write off your rental income are as follow:
(You cannot write off anything from you principle resident)

Advertising
Insurance of your investment property
Interest on mortgage
Maintenance and repairs (including upgrades)
Management and administration
Motor vehicle (gas and mileage that you used for renting the property)
Office expenses
Professional fees (if you use an agent for your rental property)
Property taxes
Salaries, wages and benefits
Travel
Utilities (Enbridge natural gas, electricity and water)
CCA (depreciation for your building cost)

Make sure you have all the receipts and bills before using Quicktax. It has Easystep that you can follow without assistant from others.

Read Help file in Quicktax.
Or if you want something more 'detailed', read the Income Tax Act.

I am curious how you managed to buy several condos with only 40K income.

Originally Posted by beemer2005

I am curious how you managed to buy several condos with only 40K income.

me too