Can you combine multiple rental incomes and expenses for tax purposes in Canada?
I have been reporting my rental properties income and expenses separately using tax filling program called GenuTax.
It's rather time involved, to simplify things I am wondering if it is possible to combine them and how would I do that?
We are not incorporated.
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I believe I found the answer and it is a yes - however if someone can confirm that would be great:
How much can I claim for depreciation? In general, depreciation on a
rental property cannot be used to either create or increase your
rental loss. When more than one rental property is owned, all net
rental income (or loss) is combined to determine the total income or
loss for the year.
Source: www.taxplanningguide.ca/tax-planning-guide/section-3-investors/rental-properties/
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