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smdshaw
July 7, 2024
Question

Do I need to claim rent that was paid to me as income?

  • July 7, 2024
  • 1 reply
  • 0 views
Our disabled son lives with us and pays rent - do we need to claim this as income/

    1 reply

    Q
    Ques_Solver
    July 9, 2024
    Yes, CRA requires it to be claimed as rental income, if the rent amount is as per fair market value. However, If you are renting below fair market value, You do not report this amount in your income, and you cannot claim rental expenses. This is a cost-sharing arrangement, so you cannot claim a rental loss as well.
     
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