Rental income is one of the most under-claimed areas we see at onboarding. Many GTA landlords report the income accurately but miss the deductions they're entitled to — leaving money with the CRA that should stay with them.
Deductible expenses that get missed
Property management fees, repairs and maintenance, travel to the property, mortgage interest (not the principal portion), insurance, property taxes, and a reasonable share of home-office costs are all deductible against rental income — but only when they're tracked and documented through the year.
CCA — claim with care
Capital cost allowance on the building can reduce rental income to nil, but claiming it can trigger recapture when you sell, and it may affect the principal-residence exemption on a future change of use. Decide deliberately, not by default.
Record-keeping
A separate bank account per property, a running expense log, and clear documentation around purchase and sale dates make reporting accurate and audit-ready. The CRA expects records, not estimates.