This is a multi-part message in MIME format. ---------------------- multipart/alternative attachment -----My question is: Canadian-specific QUESTION: My Husband and I own a townhouse that we rent out and a house where we rent out the upstairs and live in the downstairs. I work only part time and earn less than $10,000 per annum, my husband makes considerably more. I put the majority of the money into the townhouse and equity from the townhouse was used to purchase the house. I have read that the rental income should be declared in each persons return in proportion to the amount of money that each person put into the property. This would be an advantage to us since my income is so low. However I have also been told that it makes no difference since we are taxed based on our combined income not our individual incomes. Which is true? --------------------------------------------------------------------------- david ingram replies: A married or common-law couple is supposed to report rental income based upon the respective inputs to the property. Section 74.1 of the Canadian Income Tax Act states this quite clearly. In Canada, we are taxed on our individual incomes. The US has the option of a joint tax return and in community property states like Washington State, we have to split the income between the spouses if they wish to file as "married filing separately". Whoever told you that we are taxed on our combined incomes in Canada is completely wrong. Answers to this and other similar questions can be obtained free on Air every Sunday morning. Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate: multi jurisdictional cross and trans border expatriate gambling refunds for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, Indonesia, Egypt, Antarctica, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc. income tax wizard wizzard guru advisor advisors experts specialist specialists consultants taxmen taxman tax woman planner planning preparer of Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Garland, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico,New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. Paris, Rome, Sydney, Australia Hilton Pennsylvania, Rhode Island, Rockwall, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon and Northwest and Nunavit Territories, Mount Vernon, Eumenclaw, Coos Bay and Dallas Houston Rockwall Garland Texas Taxman and Tax Guru and wizzard wizard - ---------------------- multipart/alternative attachment An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/4f217a58/attachment.htm ---------------------- multipart/alternative attachment--
