Tax Implications on Real Estate Seminar by Allan Madan Watch Video
Allan Madan, CPA, CA
Allan Madan presents, “Tax Implications of Real Estate” at the International Centre in Mississauga Read More…
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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
Hi, I have rent a 3 bedroom apt and share two bedrooms with my roommates, I should we report our rental?
Thanks for your question. If you are collecting rental income then you must report it on form T776, Statement of Real Estate Rentals. On this form you can also deduct rental expenses (i.e. rent that you are paying to your landlord for the space that your roommates are occupying).