CRA doesn’t allow taxpayer to claim thousands in losses while renting to his mother
Owning a rental property can be a lot of work, and, in some cases can generate annual losses, depending on how high your expenses are compared with the amount of rent you are able to charge. In most cases, however, the sting of such rental losses can be somewhat lessened if you can deduct those rental losses against other income, reducing your tax payable by up to 54 per cent, depending on your province, level of income and marginal tax rate.
