Colli Real Estate

own a house , and rented one room for a year can report the interest paid on mortgage in tax retun.ON. CANADA?

i owe a houes , and rented a room for one year , can Ireport interst paid on mortgage in the tax return for ontario , canada.
thanks.

St N’s answer seems to be based on US taxes. Shame shame.

In Canada, sole-proprietorship income losses CAN absolutely offset your non-business income. If you have more losses than total income for 2008, you can elect to carry forward or back the loss (Form T1A, Request for Loss Carryback).

See p.29, “Line 9946″ in the Business and Professional Income guide (T4002)

http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html

You will report the rental income and expenses (mortgage income, Capital Cost Allowance on part of the house) on Form T2125, Statement of Business or Professional Activities

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/menu-eng.html

You will also pay CPP contributions on any profit from business on Schedule 8.

Here’s the MOST IMPORTANT news: If this house was your principal residence, you will be deemed to have sold the PART OF IT you are renting (based on area) at fair market value on the first day you received rent for any part of it, then you will be deemed to have reacquired it for the same fair market value. This will trigger a capital gain or loss and possible capital gains tax.

See Paragraph 30 of the Interpretation Bulletin:

http://www.cra-arc.gc.ca/E/pub/tp/it120r6/it120r6-e.html#P200_51963

Note: None of the above is optional. It is all triggered by the rental of the one room.

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