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Old MathJax webview please Calculate the rental income to file Canadian Taxes. 1) Rental Property: . Jeff and Jamie currently have someone who rents out
Old MathJax webview
please Calculate the rental income to file Canadian Taxes.
1) Rental Property: . Jeff and Jamie currently have someone who rents out their basement suite. The details of the rental property are as follows. The rent for the basement suit was $1,300 per month. The tenant moved into the house on Jan 1, 2021 and on Jan 2, 2021 they paid rent for the month. The tenant also paid one month's rent as a damage deposit on Jan 2, 2021. The deposit will be refunded to the tenant upon moving out of the home. Rent Collection Month Amount Collected Date Collected Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 2,600 Jan 2, 2021 1,300 Feb 1, 2021 1,300 Mar 1, 2021 1,300 Apr 1, 2021 1,300 May 1, 2021 1,300 Jun 1, 2021 1,300 Jul 1, 2021 1,300 Aug 1, 2021 1,300 Sep 1, 2021 1,300 Oct 1, 2021 1,300 Nov 1, 2021 1,300 Dec 4, 2021 Total 16,900 The following expenses were incurred for the rental property during 2021: Vendor Description Amount Paid | Peavy Mart Stantec Rona Stantec Time Saver Cleaner Bank fees for rental business account Carpet shampoos machine rental Fixing bathroom sink Fridge and Stove Instaling fridge and stove Cleaning of rental property 120 300 200 2,500 400 350 The following home expenses were incurred by Jeff and Jamie during 2021: Description Amount City of Regina - Water City of Regina - Property Taxes SaskPower - Electricity SaskEnergy - Heat Infinity - Home Insurance Internet and Cable TV for rental suite CIBC - Mortgage Payments 1,560 6,000 2,400 1,680 1,800 720 15,600 Based upon the mortgage summary the monthly mortgage payments are $1,300 per month. The breakdown each month was $500 interest and $800 principle. The entire home is 3,000 square feet with the rental suite being 900 square feet. . For tax purposes please include all rental income and expenses on Jeff's returnStep by Step Solution
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