Shaelene’s Tax Tip of the Week – October 13th

Own and rent your cottage out?

If you have a cottage that you own and rent out, keep your receipts. And make the claims in the right year.

“Allowable expenses are usually deducted on a cash basis – that is, in the calendar year in which you incur them – as long as you match them to the revenue earned in the same period. These can range from the advertising of the cottage all out to landscaping costs and common things such as maintenance and repairs.”

Have questions? Give us a call at 905-571-2665 (BOOK)!