Own a rental or holiday property? Here’s what you need to know!
From day one — Keep records of everything related to your property.
Claim smart — Know which expenses you can deduct at tax time.
Pay as you go? — You might need to pay tax instalments during the year.
Declare it all — Make sure you report all rental income on your tax return.
Selling? — Be aware of capital gains tax when you sell your property.
Got a holiday home or investment property not rented or available to rent?
You can’t claim deductions — because there’s no rental income.
Buying a property?
Remember: the contract date (not settlement day) is what matters for capital gains tax and keep your purchase costs recorded!