email: info@tagtax.ca
text: 587-777-5558 or office phone:403-265-0162
214, 4441 76 Ave SE Calgary
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Please note that for USA Rentals taxpayers are required to depreciate the building and its assets(washers, dryers, HVAC etc) regardless of whether the taxpayer wishes to or if there is a loss. A continuous schedule is required.
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Value of the structure(not land & building)- see your insurance policy
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Rental income for the year
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Mortgage interest paid
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Property tax paid
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Administration fees paid
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Motor vehicle expenses (see: Motor Vehicle Expenses)
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Maintenance costs
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Advertising costs
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Legal fees
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Management fees
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GST form(if applicable)
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List of appliances & purchase value(water heater, furnace etc.)
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Previous years CCA (depreciation of Assets) schedules even if you did not make a claim in teh prior year
Vehicle Expense Documenation
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CRA will always require a mileage log. Do you best to write your KM's on your gas receipts at each fill up
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Vehicle Expenses
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Details Per Vehicle of Vehicle used and driven by (make, model, year, lease/owned/loan)
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Mileage Chart (ok I know most of you do not have this but if you do great)
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Gas
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Maintenance & repairs
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Insurance Registration
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Parking
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Car Washes
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Speeding Tickets are not allowable as an expense - Sorry
Travel Documentation Required
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Details of purpose of trips if not for specific job/invoices - Specify why you traveled to the rental (this does not apply for local rentals - only those located outside of your principal location i.e. Calgary and Surrounding Area and you travel to your vacation rental in Arizona or Vancouver Island etc.)
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Airfare receipts
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Hotel/Lodging/ meals & entertainment
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Laundry/ Dry Cleaning
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Car Rental