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Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 2465
Experience:  11 years experience in Canada family law, plus criminal, civil, and employment
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Im renting my my only family house for the duration of our

Resolved Question:

I'm renting my my only family house for the duration of our time away from home.(4 months).it also provide us with the peace of mind that someone is caring for our only dwelling.do I have to declare it as a revenue?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Ulysses101 replied 1 year ago.

Ulysses101 :

Hello, thank you for the question.

Ulysses101 :

I'm not sure that I understand your question. You're away from your family home for 4 months and you have rented it out? And you want to know if you have to declare the rent as taxable income?

Customer: Yes!
Customer: All utilities bill remain to owners name also.
Ulysses101 :

OK, before we discuss this I want to remind you of a couple of things about how the site works. You've made a deposit to the site, which the site holds onto until you've spent it by rating an answer positively. Then the site and the expert split the deposit. That's how the site and the expert make money here. So when we're finished discussing this I'll ask you to rate the service. Right now, I've disabled the rating feature because I haven't answered you yet.

Ulysses101 :

Have you already rented out the home? Is there a lease? Do you know well the people staying there?

Customer: The house isn't rented yet,there is a little contract but no lease.we don't know the renters that well.
Ulysses101 :

I see. How much money, approximately, do you think you'll earn from this? You'll have to assume that you're paying the utilities for the tenants.

Customer: I will breake even after mortgage and bills.i'm not trying to make money and I won't make any.
Ulysses101 :

Your tenants will want a receipt for rents paid so that they can get tax credit for it. You'll have to include it in your taxable income.

Ulysses101 :

For only four months, I suspect that this isn't worth it to you. You'll need to make sure that your home complies with rental laws, including smoke/fire detectors, and perhaps a license depending on where you live.

Ulysses101 :

You'll have to advise your insurance company and get additional insurance to guard against the damage which the renters might cause.

Ulysses101 :

You can deduct from the income the expenses you've incurred but that will be little.

Ulysses101 :

You're proposing to set up your home as a business, but only for four months. You'll be taking a lot of risks.

Ulysses101 :

A better idea might be to have neighbours or a property management service check on the property regularly in your absence so that your home insurance policy remains in effect.

Ulysses101 :

Do you have question or comment about this?

Ulysses101 :

If so then please reply. If I've answered you fully then please rate the service positively. I'm sorry if I didn't tell you what you wanted to hear, but don't shoot the messenger.

Customer: If they don't want a receipt?
Ulysses101 :

If they pay by a cheque or be deposit to your account then they can still prove that they paid you and can claim it for the tax credit. If they claim it, and you don't claim rental income, there you're risking an audit by Canada Revenue Agency.

Ulysses101 :

If you know and trust these people then this might work out. But you say that you don't, so I don't recommend that you take this risk just for a few months of rental income.

Ulysses101 :

Anything else I can help with on this subject?

Customer: Thank you very much,that is all.
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 2465
Experience: 11 years experience in Canada family law, plus criminal, civil, and employment
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11 years experience in Canada family law, plus criminal, civil, and employment