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Rental Property Tax Filing

We'll take care of all your rental tax accounting needs. Stop by our office or schedule a virtual meeting for your rental tax review and consultation!

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Rental Tax Checklist

Be prepared before your meeting by following the list below. Items may vary depending on your unique situation, so we advise booking your initial consultation call for maximum efficiency and accuracy.

  1. Gather all financial records: Collect all of your financial records for the year, including receipts, invoices, bank statements, and rental income records.
  2. Determine rental income: Calculate the total rental income received from all rental properties during the tax year.
  3. Deduct allowable expenses: Determine which expenses can be deducted from rental income, such as mortgage interest, property taxes, utilities, maintenance, repairs, and insurance.
  4. Determine net rental income: Subtract the allowable expenses and CCA from the rental income to determine your net rental income.
  5. Consider tax credits: Review the available tax credits for rental property owners, such as the Home Accessibility Tax Credit or the GST/HST New Housing Rebate.

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Serving Ottawa for Over 37 Years

Quality Service You Can Depend On

Our Rental Tax solutions aim to optimize your deductions and enhance your profits. We are committed to providing exceptional value by maintaining prices that are, on average, more competitive than those of other tax service providers. Our services include tax guidance, assistance with reporting and installment deadlines, and personalized service plans that align with your financial objectives and financial resources. We offer the following services and benefits to help maximize your return:

  • File Acquisition

    Asking for the right materials and files to ensure a smooth process.

  • Write-Off/Claims Analysis

    Looking over and reviewing all claims to ensure filing success.

  • Filing Advice

    After reviewing all necessary materials, providing advice on how to improve the file.

  • Convenient

    Book in-person at one of our two office locations or book a virtual meeting.  

  • Responsive

    We reply to our clients quickly to ensure timely filings that meet government tax deadlines. 

  • Precise

    We double check and confirm all submissions before finalizing your return before the tax deadline. 

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As a Landlord in Canada, it's important to file your taxes accurately and on time. Here are five tips to help you with the process:

Filing properly and maximize your returns has many long term benefits.

  1. Keep accurate records: It's important for landlords to keep accurate records of all rental income and expenses throughout the year. This will make it easier to file your taxes and ensure that you claim all the deductions you're entitled to.
  2. Claim all eligible expenses: Landlords can deduct a wide range of expenses related to their rental properties, such as mortgage interest, property taxes, repairs and maintenance, property management fees, and insurance. Make sure you claim all the expenses you're eligible for.
  3. Report rental income and expenses on your tax return: Landlords must report rental income and expenses on their personal tax return using Form T776, Statement of Real Estate Rentals. Be sure to report all rental income, even if it was received in cash, and claim all eligible expenses.
  4. Understand capital cost allowance (CCA): CCA is a tax deduction that allows landlords to recover the cost of their rental property over time. It's important to understand how CCA works and to keep accurate records of your property's cost and value over time.
  5. Consider using a tax professional: Filing taxes as a landlord can be complex, especially if you have multiple properties or other sources of income. Consider using a tax professional to help you file your taxes and ensure that you're claiming all the deductions you're entitled to.

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Our Other Services

Personal Income Tax

Start your personal tax return in-office or virtually. 

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Small Business Tax

Navigate small business taxes with professional experience. 

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Rental Property Tax

File your rental property taxes properly for accurate returns. 

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General Tax Advice

Need help with something else? Message us for more info! 

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Your Taxes Done Right.

We study every detail of your file, documents and unique situation to delivery maximum returns.

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