sharonl

anyone ideas as to buying property in sask then renting one out how will i get taxed is this classed as my income , seems like a good idea as i wont have a job out and i believe they dont pay ya for doing nowt in canada - unlike britain !

hubby will have a job so rent income would be mine

well thats the vague plan - any big catches in that??

thanks sharon

Judy in Calgary

First of all this is the lounge, which is intended for jokes and off topic chatter. It's not supposed to be for serious discussions.

Secondly, coming here for tax advice is amongst the most imprudent ways of using this forum, in my opinion. I have seen shockingly incorrect tax advice being dispensed here.

Anyway, after having said that, and after warning you that I am not an accountant or a tax expert, I have a few observations.

Yes, to the best of my knowledge, income that you earn from rental property is income. If you incur expenses in maintaining the property (repairs and such), you can use those expenses to offset the taxable income from that property.

If you buy the property with your money and register the title in your name, then yes, the rental income from that property is your income.

That's how it works, as far as I know. But for the love of Pete, get advice from a better source than this.

yonk

I agree with Judy but if you do a search of the main forum, you will find this occasionally discussed.

Whilst investing in Real Estate isn't exactly rocket science, it is fairly easy to come unstuck, see threads about grow-ops - having said that don't let anyone put you off.

http://britishexpats.com/forum/showt...hlight=grow-op

sharonl

ok consider myself told off

thanks for the link i looked where is hould post can never figure out where!
maybe i should just read wot everyone else puts and hope they ask the questions i want!?

yonk

Nah, you're not being told off just diverted from the quips that could come your way in the Maple Leaf.

Maple Leaf for talking rubbish...

Lifestyle Forum for asking lifestyle questions...

Immigration forum for immigration questions....

The link was reasonably hard to find so don't worry, I just knew where it was as I contributed to it - don't let us put you off posting!

Judy in Calgary

Sorry for my snotty response, sharonl.

When one starts to feel bothered by posters' queries, it's probably time to take a break from BE.

Have a great 2007, everyone.

hot wasabi peas

Or time to take up Thai kickboxing!

Happy New Year Judy!