Quote:
Originally Posted by Smartcar
I don't see why you would have to declare money paid to you by a roommate as income. As long as the amount paid is less than what you pay in interest on mortgage, property tax, utilities, maintenance etc. it's payment toward that, not income to you. It's not like a rental property where you're writing off the expenses against rental income. I'm sure if the proportion of expenses is higher than the income the CRA would disallow it anyway, since it wouldn't be just the size of the bedroom but also 1/2 of all the space your roommate gets to use.
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I can see what you're saying but unfortunately that's not how the tax laws work. Here's a link to more info on the topic.
http://www.cra-arc.gc.ca/E/pub/tg/t4...tml#P195_12960