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by thomas on March 27th, 2007

thomas

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Canadian tax law: You have a rental loss on revenue property if your rental expenses are more than your gross rental income...you can deduct your rental loss against your other sources of income. Can other source of income be my job income?

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  • by Anonymous on November 8th, 2008

    Anonymous

    I think it depends how you arrive at the loss. If it is from depreciation (capital cost allowance) taken on the building I think those are capped by the amount of your rental revenue (i.e., cannot be deducted from non-rental income). If the losses are from mortgage interest payments on the property I don't know what the answer is... but I think it can be deducted from other income. If the loss arises from literally spending more in maintaining, etc. the property than year earn rents then as long as you are legitimately trying to earn income from the property (for example, you aren't renting it to your brother in law Bif) then I would think the loss can be deducted against other income.

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