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Frequitude · 01-26-2011, 11:41 PM

I'm not an accountant, but this is what I believe you can claim:

-Interest component of mortgage (so go with 30 year for higher monthly cash flow, 25 year to build equity faster)
-Condo fees
-Interest
-Depreciation (CCA) if you commit to selling it one day as a revenue property (i.e. pay capital gains if there are any)
-uhhh, property taxes?!? (forget)
-other general expenses and maintenance

Depreciation is the lesser known one. I didn't realize that until this year after 3 years of renting, so I should be getting a decent return once I go claw it back.

01-26-2011, 11:41 PM	#6
Frequitude Franchise Player Join Date: Jul 2005 Location: 555 Saddledome Rise SE Exp:	I'm not an accountant, but this is what I believe you can claim: -Interest component of mortgage (so go with 30 year for higher monthly cash flow, 25 year to build equity faster) -Condo fees -Interest -Depreciation (CCA) if you commit to selling it one day as a revenue property (i.e. pay capital gains if there are any) -uhhh, property taxes?!? (forget) -other general expenses and maintenance Depreciation is the lesser known one. I didn't realize that until this year after 3 years of renting, so I should be getting a decent return once I go claw it back.