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Apr 9, 2008, 07:05 PM
| | New Member  | | Join Date: Apr 2008
Posts: 2
| | | Claiming Rent as Income
Hi, I live in Edmonton, Alberta, Canada and purchased a house in another province in Canada with the intention of moving there. My wife is sick however and we need to stay in this province until her medical condition is resolved. Since we cannot afford the high rents in Edmonton and a bi-weekly mortgage on the new house, we have rented it out until we are able to move there. Do I need to claim the rent I receive as income and if so, how can I get around having to claim it?
Thanks,
Neil
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Answers
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Apr 10, 2008, 04:37 AM
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#2
| | Expert
Join Date: Aug 2005 Location: On the outside
Posts: 8,531
| Hello neil:
I don't know Canadian laws, but I'm sure if you have income, your government is going to want to know about it. If you want to commit a felony by not paying your taxes, just leave it off your return. How do you ordinarily cheat your government? Do that.
excon |
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Apr 10, 2008, 04:44 AM
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#3
| | | Christianity Expert
Join Date: Nov 2005 Location: Atlanta GA
Posts: 25,246
| Well I guess you can just lie and cheat on your taxes and not claim it.
But if you have rental income, then you also have rental deductions, *** assuming your laws are simular to ours, you deduct the cost of your rental, the rental payments, the insurance, the taxes, any repairs all come off as a business expense for your rental business. You should if anything be able to actually show a loss if you have a large mortage on it | |
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Apr 10, 2008, 07:19 AM
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#4
| | | Expert
Join Date: Oct 2007 Location: NY State
Posts: 7,048
| [quote=neilhill]Hi, I live in Edmonton, Alberta, Canada and purchased a house in another province in Canada with the intention of moving there. My wife is sick however and we need to stay in this province until her medical condition is resolved. Since we cannot afford the high rents in Edmonton and a bi-weekly mortgage on the new house, we have rented it out until we are able to move there. Do I need to claim the rent I receive as income and if so, how can I get around having to claim it?
I don't think anyone here is going to give you advice on how to break the law. | |
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Apr 10, 2008, 08:47 PM
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#5
| | New Member
Join Date: Apr 2008
Posts: 2
| [quote=JudyKayTee] Quote: | Originally Posted by neilhill Hi, I live in Edmonton, Alberta, Canada and purchased a house in another province in Canada with the intention of moving there. My wife is sick however and we need to stay in this province until her medical condition is resolved. Since we cannot afford the high rents in Edmonton and a bi-weekly mortgage on the new house, we have rented it out until we are able to move there. Do I need to claim the rent I receive as income and if so, how can I get around having to claim it?
I don't think anyone here is going to give you advice on how to break the law. |
I am sure that the question I asked was not a question of intent to break the law. It was a question by some one who has never been in this situation before and needs to know what they need to do! I am not asking for advise on how to commit frud. I am asking a smart question that deserves a smart reply! If you think you know the type of person I am maybe mr Chris Angle here can read my mind and tell the world this a case for the hit TV show Master mines. Thank you web sight for giving intelligent advise on a issue that has nothing to do with intent to commit frud! 
As for the other gent thank you for giving me a good idea on what is expected | |
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