Questions about renting out my property

I think it depends on the amount of the house renting. What is the price to rent the house out per month?

 

Laws in Canada I assume are different than in the US, sorry can't be of help

 

Monthly bills (1900$) < or = Monthly money for renting out the property = No tax

 

There's no "major" implications for renting out for more than your expenses, other than the fact that you'll make a profit, which is what an investment property is supposed to do.
You mention your mortgage payment of $1300, and total bills of $1900. Don't forget, the 1300 isn't a full expense, as only interest can be expensed.

Check out T776, it's the form you'll need to do for rentals. One thing to do is when you move out, get an appraisal done, as you'll need it for CRA purposes since your capital gains exemption typically goes away when it becomes a rental due to 'change of use'. They can use but also have the right to refuse a realtor's opinion, so if it's worth $600k, you bought it for $300k, and broker says 600, CRA can say "nah, we think it was worth 500k" and you just lost $100k in capital gains exemption and get to pay $20-25k extra.

Look at market rent, and make sure you vet the tenants properly. Income, and credit report. If you can get $3k, and your expenses (property tax, insurance, and interest on the mortgage) are say $1500, the only implication is that you just made an extra $18k in annual income that you have to pay income tax on. Doesn't sound like a bad thing to me.

Oh and if it's a single family home, make sure utilities are in tenants' names, last thing you need is a $300/month bill becoming $800/mo.

 

If you have a LLC and a good Accountant, it can be very helpful. Not sure if it’s the same in Canada.


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The question is how many houses has the author and is the renting out house is leaking one?

 

I can't tell if this is spam or not