Rental income taxation in Canada

[simonsuen]

I and my mom are co-owners of a house. I receive rental income from the house. Also, we both live in this house.

If my mom pays part of the property tax, then she can claim OSHPTG (for senior house home owner) and OEPTC.

Questions:

1. Is it ok for her to pay part of the property tax if I claim all the rental income?

2. What type of house related expenses can I claim? (e.g. repair and renovation)

Thanks.

 

[canuck78]

I and my mom are co-owners of a house. I receive rental income from the house. Also, we both live in this house.

If my mom pays part of the property tax, then she can claim OSHPTG (for senior house home owner) and OEPTC.

Questions:

1. Is it ok for her to pay part of the property tax if I claim all the rental income?

2. What type of house related expenses can I claim? (e.g. repair and renovation)

Thanks.

Not an accountant but as non-married co-owners I think she can only claim her percentage of the property taxes and of the utilities for OSHPTG and OEPTC. If you own 50/50 then she can count half of the property taxes. If not you, as non-senior, would be benefitting from the programs limited to seniors. If the percentages are different she can claim her percentage of ownership. Same goes for utilities. You also need to divide the rental income based on the percentage each of you own to declare on your taxes. You can both split repairs (based on percentage owned) and maintenance done on the home on your taxes. Although you are family, you are considered co-owners and how you file taxes won’t be different than non-related co-owners.

Would verify this with an accountant but I’m pretty sure you can’t pick and chose who pays what to take advantage of the tax code when you are co-owners.