Nisku Real Estate Accountant

Our Accountant are expert at helping real estate investors to structure their operations and investments in a tax efficient manner. Our professionals participate in budget, planning, investment and tax reporting activities, and help real estate investors to make wise decisions

Rental income is any payment you receive for the use or occupation of property such as house, apartments, rooms, space in an office building, real or movable property etc.

Rental income – income you earn from renting a property that you own.

Rental operation – services you provide within your rental property to your tenants such as heat, lighting, laundry, cleaning or security.

Rental property – generally, a building or certain leasehold interests owned by a taxpayer(s) or a partnership that is mainly used to generate gross revenue from rent.

A rental property, other than a building, usually becomes available for use on the earliest of:

• the date you first use it to earn income
• the second year after the year you acquired the rental property
• the time just before you dispose of the property

A rental property that is a building, or part of a building, usually becomes available for use on the earliest of:

• the date when a fully constructed building is purchased or construction of the building is completed
• the date that you rented out 90% or more of the building
• the second year after the year you acquired the building
• the time just before you dispose of the building

When determining the available for use date, a renovation, an alteration, or addition to a building should be considered as a separate building.

You may be able to claim CCA on a building that is under construction, renovation, or alteration before it is available for use. You can deduct CCA that you have available on such a building when you have net rental income from it. The CCA that you can deduct is restricted to the amount of net rental income you have after you deduct any soft costs for constructing, renovating, or altering the building. For an explanation of soft costs, see Construction soft costs.