Quote:
Originally Posted by Locke
Theres a lot there. Typically rental properties dont make profits for several years.
The rent will probably cover the mortgage, and for the first few years the tax losses will help generate a tax refund, but after that you start having to pay the mortgage, property taxes, maintenance and insurance, the interest will not longer cover the income and then you'll have to also pay taxes on the income.
|
You can always claim CCA. Granted, you'll have to pay tax on the recaptured amount when you sell, but I prefer to pay my tax sometime in the far future than right now.