• Posts tagged with Expense Management

    • 15
    • Feb2024

    What is the difference between expenses and capital assets ? 

    What is the difference between expenses and capital assets ? 

    Expenses and capital assets are both financial aspects of owning and managing a rental property, but they are treated differently for tax and accounting purposes: Expenses: Capital Assets: In summary, expenses are ongoing operational costs necessary to maintain and manage a rental property, deductible against rental income in the year they are incurred. On the […]

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    • 15
    • Feb2024

    What expenses are deductible ? 

    What expenses are deductible ? 

    Landlords can deduct various expenses related to their rental properties to reduce their taxable rental income. Some common deductible expenses for rental properties in Canada include: Mortgage Interest: The interest portion of your mortgage payments is deductible. Property Taxes: Taxes levied by the municipality on the property are deductible. Insurance: Premiums paid for property insurance […]

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