Question re: property tax on DVC for cdn's

[northerngirl]

I need your assistance please:

I recently asked our accountant if we could claim the property tax portion of our dues and he said we couldn't. Said you could only claim it if you used DVC property as a rental property.

Anyone know if this is correct??

Many thanks.

Still minus-15c in this winter wonderland!!

 

[Scratch42]

I know you can't claim it if you are using it.

But if you use as a rental?

Maybe someone else can help.

Scratch

 

[tmli]

I think you can claim it if it is a rental to offset the taxes you are going to pay by claiming the rent as an income. You know CCRA will get ya coming or going!

 

[CharlesTD]

Problem is if you claim it as a rental you then have to start paying tax on any money you bring in from the rental property so it doesn't help the situation and in some cases it can end up costing you money.