Support for your next step
Rental Property Accounting & Tax
Rental property tax means reporting rent and expenses for each property on your return, and treating repairs, improvements and depreciation correctly. Capital cost allowance claimed now can be taxed back when you sell, so we explain the trade-off each year and keep a clean record for every property.
Brampton · GTA · Virtual support across Canada
How it works
Rental property tax, step by step.
Exactly what happens after you get in touch, starting with one 15-minute call.
- Today
Book 15 minutes
A free, no-obligation 15-minute call on Teams or at our office at 181 Queen St E, Brampton.
- The call
Properties, records, plans
We look at your properties, your records and your plans for them.
- Each year
Costs sorted, CCA explained
Repairs separated from capital costs, and the CCA trade-off explained before you decide how much to claim.
- Before you sell
Check before you act
If you plan to sell or move in, we review the general tax effect with you first.
- Your move
Ready when you are
Pick a 15-minute slot that suits you. We confirm the time and scope with you directly.
Your starting point
Your rental activity includes income, operating costs, financing and ownership details that need coordinated reporting.
How we help
We organize information by property, review mortgage and expenditure records, and prepare agreed individual or corporate reporting. Purchases, sales, personal use and ownership changes are identified for additional tax review where appropriate.
THE WORK, EXPLAINED
What is included
- Property-level rental income and operating-expense organization
- Individual rental schedules or corporate reporting as applicable
- Mortgage interest and principal records considered separately
- Repairs and improvements identified for appropriate review
- Ownership shares and any personal use of the property
- Acquisitions, sales and changes of use flagged for further tax review
The exact work, period, timing, responsibilities and fees are agreed before starting. Services are not automatically included in every engagement.
What you can expect
Property-level financial information and a clear list of matters to address before filing or a transaction.
Rental property accounting and tax
A rental property can look profitable all year and still bring a tax surprise.
Rental tax problems owners bring to us, and how we handle each one.
-
The problem
Repairs and improvements are lumped together.
Some costs can be deducted right away; others are capital and are claimed over time.
The solutionCosts sorted properly
We separate current expenses from capital costs, so the return is right and defensible.
-
The problem
Depreciation claimed without a plan.
Capital cost allowance claimed now can be taxed back when you sell.
The solutionCCA decided with the sale in mind
We explain the trade-off each year before deciding how much to claim.
-
The problem
Rent, expenses and mortgage are mixed with personal spending.
Only the rental share of costs, and only the interest on the mortgage, can usually be claimed.
The solutionA clean rental record
We keep a simple record of rent and expenses for each property.
-
The problem
You plan to sell or move in.
Selling or changing how a property is used can have tax results.
The solutionA check before you act
We review the general tax effect with you before the sale or change.
Related services
Why owners trust Wealthy Wave
- Led by Chirag Kalra, Chartered Accountant (ICAI, India), with more than 12 years in accounting and tax
- Plain-language answers about your own numbers, with no jargon
- Bookkeeping, payroll, HST and corporate tax handled by one team
- We never ask for SINs, banking details or tax documents by text or WhatsApp
- A real office at 181 Queen St E, Unit 5, Brampton, with virtual support across Canada
Why talk before you file?
Decisions like how much CCA to claim are made each year and affect the tax when you sell. Every situation is different.
- Pick a time. 15 or 30 minutes, on Teams or at our Brampton office.
- We look at it with you. Your properties, your records and your plans.
- You decide. The call comes with no obligation.
Prefer to write first? Send an enquiry. Or call (647) 606-1824.
General information only. Tax advice is given within an engagement, based on your own records.
ANSWERS BEFORE YOU START
Common questions.
Can you work with more than one rental property?
Yes. We organize the agreed information by property so income, costs and ownership can be understood separately before they are brought into the relevant reporting.
Is the whole mortgage payment a rental expense?
Interest, principal and other amounts must be distinguished in the records. We review the supporting financing information before determining the reporting treatment.
What if a property was sold or its use changed?
Tell us before a filing position is assumed. Purchase, sale, ownership and use changes can require additional records and a separate transaction-specific review.
CONNECTED SUPPORT
Plan the next step.
Personal Income Tax Returns
Personal tax, carefully prepared and clearly explained.
Explore this service ↗Corporate Tax Returns & Year-End
Bring clarity to your corporate year-end.
Explore this service ↗Corporate & Personal Tax Planning
Give your next decision a clearer tax perspective.
Explore this service ↗A PRACTICAL NEXT STEP
Talk to us before
the deadline.
Share the service you need, your circumstances and any upcoming deadline. We’ll discuss the records, scope and next steps before work begins.