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bkb1956
bkb1956, Tax Preparer
Category: Canada Tax
Satisfied Customers: 3286
Experience:  Tax preparer with 18+ years of experience
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Canadian income tax. I have 2 sons who are over 18 years old

Customer Question

Canadian income tax. I have 2 sons who are over 18 years old living at home. They both work and pay me for room and board do I need to declare this on my income tax? If so how do I go about doing that?
Submitted: 1 year ago.
Category: Canada Tax
Expert:  bkb1956 replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The Rental income guide (T4036, Page 15) states that if you are renting to a family member at below fair market value, you do not have to report the income, and you cannot claim the expenses.

http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-14e.pdf

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  bkb1956 replied 1 year ago.

Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me for a portion of the fee you previously paid.

Best regards,

Barb