Dennison purchased a residential rental property in Hamilton, Ontario on April 15, 2022 He paid $750,000 for the building (CCA Class 4 ) During the year he paid a rental property tax of $3,540, utilities of $285 per month, and a painting cost of $4,860 He rented the property on May 1, 2022, to a Nu...

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Dennison purchased a residential rental property in Hamilton, Ontario on April 15, 2022. He paid $750,000 for

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Dennison purchased a residential rental property in Hamilton, Ontario on April 15, 2022. He paid $750,000 for the building (CCA Class 4%). During the year he paid a rental property tax of $3,540, utilities of $285 per month, and a painting cost of $4,860. He rented the property on May 1, 2022, to a Nurse on a long-term rental basis at $2,850 per month.

What is Dennison's 2022 rental income for income tax purposes? Please explain if necessary.

Posted Date: May 15, 2024 10:42 AM

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