Rental Income is income you earn from renting property that you own.
Report the rental income you earned in the calendar year from Jan 1st to Dec 31,2020
You can own the property by yourself or with someone else such your spouse, relative, friends, investors etc.
Rental Income includes income from renting
House
Apartments & Condo
Rooms
Basements
Space
Other real or movable property
Generally, expenses incurred to earn the rental is deductible e.g Insurance, condo fee, Utilities etc. There is also a list of non – deductible expense e.g mortgage principal, land transfer tax, personal value of expenses.
Other considerations repairs vs capital improvements – see your tax professional for more details are advice.