Taxes and Revenue
Is Your Home An Asset Or A Liability?
In Canada, the mortgage on your home is not tax deductible, but the interest and
banking fees from a rental mortgage are. Along with all reasonable expenses
incurred to earn rental income. This includes property taxes, professional fees,
repair and maintenance, advertising, utilities, and more.
Claim every possible deduction to support your cash flow. With careful planning
and a great rental property, all your costs will be paid through the rent revenue. As
the mortgage gets paid down, it will generate passive income.
Learn the landlord strategies that offer the greatest success. Such as how to
appraise the income potential of a property that’s listed for sale.
Ask your FORTAX Financial Advisor to help you develop a thorough business case.
Evaluate the expenses and local rental rates for similar properties. Don’t buy any
property that cannot pay for itself, or your cash flow will become negative.