Rjohns

We are planning to move to Vancouver and rent out our London property. Understand we will pay tax on income in Canada rather than UK. Does anyone know if mortgage costs/interest costs are deductible from income received from property before tax?

Can anyone recommend a financial adviser in London who can advising on finances in respect of relocation?

Thanks

Aviator

Not sure what you mean by mortgage costs, if you mean set up charges, they are deductible. Mortgage interest is a deductible expense, but not any of the principle.

Any maintenance, fees, property taxes, reasonable costs of operating the property are also deductible. Keep accurate records, must be retained for 7 years.

Also be aware of T1135 reporting. Not necessary in the first tax year, but a requirement in subsequent years.

Pulaski

There are quite a lot of things that can be deducted to come to net taxable income from rental property.

Here is a Canada Revenue Agency list and advice on permissible deductions for rental property.