Tax deductions related to rental income in Vancouver

If you rent out all or a part of your property, you are eligible for certain deductions.

Here is some direct info from the CPABC

These expenses may include the proportion of your property taxes, mortgage interest, repairs and maintenance, insurance, light, heat, other utilities and expenses that relate to the rental space.

You may not deduct the principal portion of your mortgage payments, or any costs of construction, renovation or alteration that are capital in nature. You may claim depreciation (called capital cost allowance for income tax purposes) on the rented portion of your home and on costs that are capital in nature.

Keep in mind that the rental of your residence could affect your ability to claim the “principal residence exemption” on a future sale.

If you would like some more advice on this subject, send us an email with your contact details and we would be happy to assist you.