As a landlord, you may be eligible for a number of tax deductions that can help reduce your tax liability and increase your profitability. In this blog, we'll discuss some of the top tax deductions for landlords.
Mortgage interest: You may be able to deduct the interest you pay on the mortgage for your rental property as an expense.
Capital cost allowance (CCA): This is the Canadian equivalent of depreciation in the United States. You may be able to claim CCA on your rental property as a deduction for the wear and tear or depreciation of the property over time.
Insurance: You may be able to deduct the cost of insurance premiums for your rental property.
Property taxes: You may be able to deduct property taxes paid on your rental property.
Travel expenses: If you travel to your rental property to conduct repairs or meet with tenants, you may be able to deduct some of your travel expenses.
These deductions are subject to certain limitations and conditions, so it's important to consult with a tax professional to determine which deductions you are eligible for and how to claim them.
