COLCO FAQs

Anyone who has questions on renting out their condo and what or how much expenses can be claimed against income should check out Revenue Canada's own interpretation bulletins on the tax implications of these matters.  The two
most relevant ones are titled "IT-304R2: Condominiums" which provides great overview information and "IT-128R: Capital Cost Allowance - Depreciable Property" which has useful information on the difference between capital expenditures that can be written off at a certain percentage rate each year and current expenditures that can be expensed 100% in the year.  The interpretation bulletins can be printed out for personal study from CCRA's
website at www.ccra-adrc.gc.ca (click on Publications & Forms).  This website should be included on COLCO's list of LINKS to useful sites.

Revenue Canada also publishes the "Rental Income Tax Guide" that is available at any local tax services office listed in the telephone book's blue pages.  It is also available at their website.