“there are only two things in life that are certain – death and taxes” – unknown
Time of the year to file your taxes! I usually just claim the usually stuff, NSman, SRS, blah blah. Then, I came across this article by Ryan Ong:regarding income tax deductibles that you may not know about. I just regurgitate the article below, in block quotes. Read below to find out more.
Personally, i found point #2 quite intriguing. I didn’t realise that you can claim rental income and stuff such as: Utility expenses that the tenants didn’t reimburse you for, including Internet access., fees paid to the property manager, if there is one (this includes property agents) – **ps: not sure if this include the one/half month commission to the agent?
For those with a second property, depending on how much your property is being rented out for,15% seems quite a hefty deduction, it should at least bring you to the next lower tax bracket? …Read the full article →