RENTAL INCOME VS BUSINESS INCOME
WHAT IS THE DIFFERENCES BETWEEN RENTAL INCOME and BUSINESS INCOME: Income from a business and income from property are subject to different tax treatment. Income Tax Act does not specifically define the term “business income” and “property income”. From CRA perspective, the following two factors used to determining whether the income is rental or business: Basic services: Basic services include heat, light, parking and laundry facilities Additional services: Additional servic
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