How much of my rent is taxable?
Enter the year’s rent and expenses. If you rent part of your own home, enter the share that is rented: shared costs such as property tax and utilities are split by that share.
Your estimate
What the calculator assumes.
Deductible expenses. Reasonable expenses to earn rental income, such as advertising, insurance for the year, mortgage interest, repairs, management fees, property tax and utilities you pay. Your own labour is not deductible, and legal fees to buy the property are added to its cost. Source: CRA, rental expenses you can deduct.
Not included. Capital cost allowance (depreciation), which can lower the tax now but is recaptured when you sell, and capital expenses such as a new roof or an addition. Report the result on Form T776. When you sell, see the capital gains on property calculator.