Tax Planning

Dec

18

2019

Converting Principal Residence to Rental Property

By Tax doctors Canada

It may make sense to convert your principal residence to rental property. Perhaps you are moving out and want to earn some rent; or, perhaps there is a tax advantage of changing the use the use of your principal residence. Regardless of the reason, be sure to follow the rules set out by the Canada Revenue Agency and the Canadian Income Tax Act to avoid any headaches.

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Personal Tax Return

Ronald's Case Study - $25,000 Hst / Gst New Housing Rebate refunded

The Gst / Hst new housing rebate provides a partial refund of the Gst / Hst paid on newly constructed houses that are used as a primary residence. The new home owner, however, has to meet certain criteria to receive the rebate and the government does audit tax payers’ situations. Ronald was being audited, and the auditor wanted Ronald to repay $25,000 of the rebate that he had received.

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