Should rental income and deductible expenses be claimed

Reference no: EM132758346

Question: Canadian taxation course

A couple of years ago, Ms. Smith received an inheritance and she decided to use that money to purchase two condominium units in the same development. Both units are finalized on January 2, 2018 and they were both rented out for the entirety of the 2018 taxation year.

Ms. Smith rented out the condos for $825 and $2250 per month respectively. Expenses that Ms. Smith will be claiming are: condo fees, mortgage interest, property taxes, insurance.

Should rental income and deductible expenses be claimed for the whole year, or recalculated and claimed for 364 days, since the condos were made available for rent on January 2?

Reference no: EM132758346

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