Q:
Is property agent’s commission eligible to be claimed as a direct expense for rental income?
A:
If the agent’s commission is incurred for a first-time o, it is not eligible to be claimed as a direct expense. If the commission is incurred for renewal of tenancy, then only it is eligible to be claimed as a direct expense.
Q:
Are tenancy agreement fee and stamping fee eligible to be claimed as direct expenses for rental income?
A:
If the tenancy agreement fee and stamping fee are incurred for a first-time tenancy, it is not eligible to be claimed as direct expenses. If the fees are incurred for renewal of tenancy, then they are eligible to be claimed as direct expenses.
Zen Chow
YYC Tax Guru
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