[icon-ninja]

Since we are talking about rental property.

I bought a rental property in July and been renting it out since august. What can i do to reduce the amount of income taxes i will pay? RRSP? how much would i need to put in to break even?

 

[James]

Since we are talking about rental property.

I bought a rental property in July and been renting it out since august. What can i do to reduce the amount of income taxes i will pay? RRSP? how much would i need to put in to break even?

The answer is simply too detailed to post on a forum. I would highly recommend reading through everything the CRA has on their website and understanding the Ontario Residential Tenancies Act as well. Read as much as you can and approach it in a professional manner.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/126/menu-eng.html

http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm

 

[Edward Skira]

bump

 

[Edward Skira]

bump

 

[Edward Skira]

We've consolidated a bunch of old threads into this new one. The place to discuss home and rental insurance.

 

[CityPlaceN1]

Thanks for making it easier to discuss insurance.

 

[Toronto Real Estate Agent]

from my experience all condo rentals require content/tenant insurance. The condo management has asked for copies of proof of insurance from my clients. Most agents that i work with ask for insurance proof before getting keys. I highly recommend my landlord clients to request for insurance proof as it avoids lawsuits should something go wrong and the tenant's property gets damaged or stolen.

 

[Davidackerman]

what providers do you work with? are they all the same?

 

[Toronto Real Estate Agent]

what providers do you work with? are they all the same?

Are you asking me? if so, i do not work directly with any insurance company, as it is up to my clients to find an insurance company of their choosing. When i used to rent myself back a few years, i used TD Melosh Monex