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Rental Income Tax - Canada Compared to Continent


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USA 30.00%
Canada 14.87%

 

 

Canada: Rental income taxes (%).

The tax levied on the average annual income on a rental apartment/property in the country.

Assumptions:

  • Gross rental income is /US$1,500/month
  • The property is personally directly owned jointly by husband and wife
  • Both owners are foreigners and non-residents
  • They have no other local income
  • There is no mortgage, i.e., no loan is taken for the purchase


In arriving at the pre-tax profit figure, we calculate, and deduct:

  • Depreciation / capital allowances if available. We assume a value for the apartment based on our valuation research, and depreciate on this basis.


We deduct any other costs which a landlord normally pays - management charges, buildings insurance, realtor agency fees, etc. We either choose a standard percentage deduction (if available) or typical actually incurred costs. If real estate tax is normally payable by the landlord, we deduct that.

Our rental income tax figures are provided by accountants (see list of contributors). For more details see the Data FAQ.

Source: Global Property Guide Research, Contributing Accounting Firms

 

Canada has some of the best housing data in the world. National Bank releases a monthly house price index composite of 11 cities. The Canadian Mortgage and Housing Corporation (CMHC) has statistics on house prices, housing construction activities and rent. CMHC's Housing Market Outlook and Rental Reports summarize this data. The Canadian Real Estate Association (CREA) produces forecasts of house sales activities and has statistics on median house prices (MLS). Scotia Bank reviews current developments in the real estate market.

General economics statistics are available from the Reserve Bank of Canada. There are also weekly updates of economic trends from the Bank of Scotia.





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