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| *The Commerce Journal>>>Canada Taxes |
I'm buying a condo in the US. How can I minimize the taxes I would pay on the rental income? |
I know I should subtract some expenses like 2 inspection visits (up to $3,500) and condo fees. But can I also subtract insurance or property tax or anything else? $3500 for inspection visit appears a lot, and only a reaonable amount is deductible, or capitalised as condo cost. And condo fees, prop tax and insurance are deductible only if the condo is used entirely for rental (no personal use of condo). |
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I'm not even sure you can deduct food in this situation. Lodging yes, but not food, that's a living expense. In any event, you need receipts. ...Probably not. You walk on their sidewalks and public buildings every day, and use their federally-funded transportation networks, benefit from the security their border patrol and policing programs... The CRA has interpreation bulletin on this topic.... NO, they wont help u do it. It is your responsibilty to do it yourself, or pay someone to do it for u. You should look out for some FREE tax clinic in your area, as offered by the CA Institute. ... You may not owe more if (a) your employer properly withheld your taxes, (b) if you have no other income (dividend, interest, rental, etc.), and (c) if you are not eligible for other personal exempt... Medical practitioners authorized to practice in accordance with the above laws can include (depending on the applicable province or jurisdiction, as the case may be) the following: (i) an osteopat... Any T4 slips, any education receipts, any medical receipts not covered by your insurance company, any tax receipts given by charities you donated to. Thats all thats needed by most people Also,... No they will only take YOUR refund. ... |
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