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Insurance Thread (condo/home/rental)

Since we are talking about rental property.

I bought a rental property in July and been renting it out since august. What can i do to reduce the amount of income taxes i will pay? RRSP? how much would i need to put in to break even?
 
icon-ninja said:
Since we are talking about rental property.

I bought a rental property in July and been renting it out since august. What can i do to reduce the amount of income taxes i will pay? RRSP? how much would i need to put in to break even?
Click to expand...

The answer is simply too detailed to post on a forum. I would highly recommend reading through everything the CRA has on their website and understanding the Ontario Residential Tenancies Act as well. Read as much as you can and approach it in a professional manner.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/126/menu-eng.html

http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm
 
from my experience all condo rentals require content/tenant insurance. The condo management has asked for copies of proof of insurance from my clients. Most agents that i work with ask for insurance proof before getting keys. I highly recommend my landlord clients to request for insurance proof as it avoids lawsuits should something go wrong and the tenant's property gets damaged or stolen.
 
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