Tax Strategy: Rental income from US must be reported

Logo of the Internal Revenue Service
Logo of the Internal Revenue Service (Photo credit: Wikipedia)

I came across an interesting article from the Montreal Gazette which covers a couple of interesting issues, and one of keen interest to Canadians as to whether to declare a vacation home in Florida, and if not, what the consequences are.

Did you know that you are required to report it to the IRS on a form 1040 and as well to the CRA, and that it is a credit on the Canadian side?

Read on!

Tax Strategy: Rental income from U.S. must be reported.

Author: Warren Orlans

Welcome to inTAXicating. inTAXicating has been published since 2008 to provide clarity around Canadian taxation issues, primarily related to the Canada Revenue Agency. As the primary author, Warren Orlans, has over 20-year's experience in the taxation industry, 11 of them working for the Canada Revenue Agency (CRA), and 7-years working in the private sector Managing the tax departments for large financial institutions. If you have a collections, compliance or audit issue with the CRA, inTAXicating is the place you need to contact. inTAXicating works in strategic partnership with amazing accountants, tax lawyers, insolvency practitioners, mortgage brokers, debt counselling experts and much more. If you have a tax question, feel free to ask in the comments, or email me at either info@intaxicating.ca, or intaxicatingtaxservices@gmail.com.

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