OTTAWA, Feb. 22, 2019 /CNW/ - Did you know that if you're earning income from one or more properties, you are required to report all the money you make? The income collected from these activities is taxable.
Examples of rental income
- Renting out a bedroom in your house
- Renting out your basement
- Renting out a condo unit or house you own
Reporting rental income
Income earned from renting out property is considered by the Canada Revenue Agency (CRA) to be rental income or business income depending on the duration of the rental and the types of services included in the rental agreement. For more information, go to Reporting real estate income and expenses.
The CRA has the tools to find out if individuals are not reporting their rental income. We are taking action to ensure that everyone is paying their fair share of taxes, to protect the integrity of the tax system.
Learn more. Visit canada.ca.
SOURCE Canada Revenue Agency
For further information: Media Relations, Canada Revenue Agency, 613-948-8366, [email protected]