Question: can you please help me doing this thank you Question 1 (Rental income) In January 2019, I bought a Condo in NE Calgary for $300,000.
Question 1 (Rental income) In January 2019, I bought a Condo in NE Calgary for $300,000. I made a down-payment of $60,000 and financed the rest with a mortgage from CIBC, amortized over 25 years with a 5- year term and a fixed interest rate of 2.9%. The house was not in great shape when I bought it. I remodeled one of the washrooms, and the living room that cost me $10,000, and added a single garage at a cost of $12,000. I rented it out to a small family immediately after the renovations for a monthly rent of 1,800 starting from February 1. I also replaced the carpet and painted the house for an additional $3,000. I also paid $400 in regular maintenance. Property tax and insurance cost for the house were $1,800 and $1,080 respectively for the year, 2019. My mortgage payment for 2019 was $1,163 per month. Principal payment on my mortgage in 2019 was $5,860. The CCA class rate for my rental property is 2%, and I have never claimed any CCA with respect to my rental property. I am now preparing my 2019 tax return and was wondering how much federal income tax I owe on the rental income I received during the year (if any) after claiming all the applicable deductions. My MTR is 30.5%
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