Occupancy Fees and tax returns

[Wooba]

When you are paying occupancy fees, do you mark down what you paid as "rent" on the following years tax return?

 

[simuls]

I don't see why not? You don't own the place yet.

 

[KA1]

I don't see why not? You don't own the place yet.

Just curious. On which line of the tax return this rent will be shown?

 

[Wooba]

I think it's on the Ontario part where it asked you how much property tax/rent you paid in the previous year.

 

[KA1]

I think it's on the Ontario part where it asked you how much property tax/rent you paid in the previous year.

You are quite correct, Wooba. I was curious to know as to what 'simuls' has in mind.

 

[simuls]

You are quite correct, Wooba. I was curious to know as to what 'simuls' has in mind.

The same thing as Wooba. Although the vast majority of people who rent condos don't qualify for any rent rebate as their income is too high. If renting, I always use this as a lever to negotiate a cheaper rent with my landlord if it's a room or a basement/upper floor apartment. I promise him I won't report it on my income tax and he doesn't have to claim it (all other ducks being in a row of course).

 

[onfence]

If I cannot use this deduction for that particular tax year, may I be able to fwd it for future years?

 

[Kevin86]

No, I think it can't be carried forward to future years. So use it or lose it.

 

[simuls]

If I cannot use this deduction for that particular tax year, may I be able to fwd it for future years?

It cannot be carried forward.

 

[onfence]

Thx for your replies.

 

[jasjasika]

The County ordinance requires operators to have the "Transient Occupancy Registration Certificate" posted in a conspicuous place on the premises at all times. Auditors have observed that some operators were not aware of this requirement,occupancy tax, sales tax, due date, tax bill, tax rate, hotel occupancy tax, transient occupancy tax, tax collector, hotel occupancy, property taxes, room occupancy, hotel tax, business license, tax due, tax return.

 

[Wooba]

Now that tax time is upon us, does anyone have a more definative answer on this?

Thanks..

 

[KA1]

Now that tax time is upon us, does anyone have a more definative answer on this?

Thanks..

To start with the condo unit has to be your "Principal Residence" -- that means, you must have actually lived in the unit. That being the case, then, as Simuls has said in the post above, occupancy costs casn be treated as 'rent' for the purposes of calculated Ontario property tax credits. As simuls has said in his post that the higher the income the lower the credit. Incidentally, Ontario govenment uses the term "Occupancy cost" on the form T1C/479-1.