Rental House Tax Deductions - Mortgage Interest as a

My_question_is: Canadian-specific
Subject:        Rental House Tax Deductions
Expert:         taxman at centa.com
Date:           Tuesday August 16, 2005
Time:           03:33 PM -0700
QUESTION:
I am looking at buying a house that has a legal in-law suite in the lower
level. I want to rent out the top and bottom separately. I am going to take
out a mortgage for the house. What tax deduction are available on rental
houses?
----------------------------------
david ingram replies:
You will need to file form T776 which you can find at
http://www.cra-arc.gc.ca/E/pbg/tf/t776/t776-04e.pdf  The list of items and
the corresponding computer numbers in the black boxes is the information
asked for by the CRA.
You can also goto www.centa.com and click on my old Tax Guide in the box on
the top left.
Click on rental income and you will find several pages explaining various
categories dealing with rental income.
The CRA also has an excellent rental guide which you can download at
http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-01-e.html
AND, last but not least, click on the November 2001 Newsletter about using
the rental house to make the mortgage on your own house tax deductible.
Goto www.centa.com, click on Newsletters in the same box on the top left,
click on 2001 and then click on November.
Reading the Book, The Smith Manoeuvre will also give you some great ideas.
And, if you are in Vancouver sometime on business, make it a Thursday night
and drop in on Fred Snyder's seminars every Thursday Evening.  We always
talk about making your personal mortgage interest tax deductible.
Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts one
of 17 different financial seminars at his office
Time:    7:00 to 9:30 PM
Date:    Every Thursday evening
Place    1764 West Seventh
             Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical care
insurance, income taxation, differences between stocks and bonds, and
usually the most innovative HELOC mortgage offered in Canada from Manulife
Bank
Answers to this and other similar  questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Call (604) 280-0600 to have your question answered.  BC listeners can also
call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone
outside of those hours as this is a home office)
email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com/>  www.david-ingram.com
<http://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 <http://www.centa.com> . If you forward
this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
This from "ask an income tax and immigration expert" from www.centa.com
<http://www.centa.com/>  or www.jurock.com <http://www.jurock.com/>  or
www.featureweb.com <http://www.featureweb.com/> . David Ingram deals on a
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Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK,
GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas,
San Antonio and Houston Texas
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and Immigration
Tips, Income Tax and Immigration Wizard Income Tax and Immigration Guru
Income Tax and Immigration Consultant Income Tax  and Immigration Specialist
Section 216(4) 216(1) NR6 NR-6 NR 6 Non-Resident Real Estate tax specialist
expert preparer consultant expatriate anti money laundering money seasoning
FINTRAC E677 E667 105 106 TDF-90 Reporting $10,000 cross border transactions
Alaska,  Alabama,  Arkansas,  Arizona,
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