"Private" Rental Income Taxable? - Sure is - Both
Sent: Tuesday, February 21, 2006 10:28 AM To: taxman at centa.com Cc: CENTAPEDE; Webmaster at Jurock. Com Subject: "Private" Rental Income Taxable? David, I submitted the question to you long ago, but my guess is that because the practice I describe is so widespread, it's become part of our cultural mosaic. Is income from in-house suites taxable as income? My entire neighbourhood and nearly everyone I know rents out a suite (my neighbours have 1-4 suites in their homes), bring in "international students", or otherwise generate significant incomes from their homes without ever reporting the income. They tell me that their accountants say it's not necessary, because "mortgage helpers" and "visitors" aren't of any concern to CRA. I'm one of these upper-middle income salary earners horsewhipped by income taxes. The whipping might be subdued somewhat if the vast number of evaders--suite renters, cash tradesmen, paid their share? ---------------------------------------- david ingram replies: You can tell them from me that one of my clients just went bankrupt and lost everything because he had 4 or 5 Japanese students living in his house for the past ten years. The CRA went back 8 years and started a criminal prosecution as well - but it was stopped for some unknown reason - because the $24,000 to $30,000 gross he was getting was gross tax evasion. The CRA seemed to be satisfied with the bankruptcy. If you want to have fun, write three or four anonymous letters. david ---------------------------- \ David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com www.centa.com www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" international non-resident cross border income tax help assistance expert preparation & immigration consultant david ingram, experts on rentals mutual funds RRSP RESP IRA 401(K) & divorce preparer preparers consultants David Ingram specializes in giving expert income tax and immigration help to American and Canadian citizens living out of their home countries from Zimbabwe to Saudi Arabia to Mexico to China or Chile - Cross border, Non-resident - dual citizen - out of country investments are all handled with competence and authority. This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. 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