Keep each property identifiable
The working file includes rent charged and received, management statements, financing documents and invoices. We record ownership interests and any personal use or change of use for review. Separate properties should remain distinguishable even when they share a bank account.
A manager’s net deposit is reconciled to rent, fees and other adjustments. Security or last-month rent arrangements require their own records. Short-term accommodation and changes in use can create additional questions beyond a standard long-term rental schedule.
An example of two different property costs
Imagine an illustrative Ottawa landlord paying $680 to repair a damaged lock and $14,000 for a substantial new addition. Both payments belong in the property file, but they should not automatically receive identical tax treatment. Detailed invoices and the nature of the work allow current and capital expenditure questions to be assessed.
Prepare the schedule and supporting decisions
We organize the rental summary, additions and disposals, financing and unresolved items for the agreed return preparation. Interest and loan principal are distinguished, and mixed-use allocations retain a supported method. Capital cost allowance decisions require their own review.
You receive a list of documents still required and the significant classifications used. The process identifies any non-resident ownership, sale, change of use or complex transaction that needs additional tax advice before the return is finalized.
Questions about this work
Can you use my property manager’s annual statement?
Yes, as a starting point. We reconcile it with rent and payments and obtain detail for fees, repairs or adjustments that the summary does not explain.
Is every renovation deductible immediately?
No. Current and capital expenses follow different rules. The work performed and supporting facts matter more than the invoice label.
Put this into practice
Sources and current guidance
A practical next step
Bring the records you have.
We can identify missing documents, agree on the scope and organize the next tax preparation step.
Request a tax review