Renting my own home? Canadian wants to form company and

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I own one half of a duplex.  I am considering purchasing the other unit as well (owning the entire building - both units).  Is it possible for me to own the building as a landlord (or holding company), and rent one unit to a
tenant, and rent the other unit to myself?
If so, is there any tax advantage to this? 
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The answer is that you could form a company and rent the half duplex to yourself.  
However, you would then lose the tax free status of a personal residence for yourself on the value of the duplex and the land.
You would NOT be allowed to create a corporate loss by renting it to yourself at less than market value. AND, if the tax office found that you were renting it to yourself for less than market value, the difference could be added to your income as a shareholder appropriation.
If you have a non-deductiblemortgage on the half you already own, buy the second half and use the rent and the techniques espoused in the November 2001 newsletter at:
www.centa.com - click on newsletters, click on 2001 and click on November
to make your existing mortgage deductible.
Hope this helps
David Ingram of the CEN-TA REALTY  Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
 
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