Tax questions? You ask lah! #42

Published: Wed, 09/29/21

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

Can water and electricity charges be offset against rental income?

A:
If it is stated in the tenancy agreement that the water and electricity charges are covered by the landlord, then the water and electricity charges are tax deductible against the rental income.

Do I need to prepare accounts for rental income?

You should prepare a statement of rental income to calculate the net rental income by deducting the property’s direct expenses against the gross rental income.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course! View the course here: bit.ly/youaskzenlah

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