Agreement And Declaration Of Trust Form 17
Description
How to fill out Agreement And Declaration Of Trust Form 17?
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FAQ
If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership. The rental income or loss percentage you report should be the same for each year unless the percentage of your ownership in the property changes.
The rules for rental co-ownership and taxes are pretty simple. If you own 50 percent of the house, you report 50 percent of the rental income and 50 percent of the expenses. The same rule applies to any percentage. If, say, co-owners have a 75/25 split, then they split income and expenses likewise.
Changes to the default 50/50 split on property income can be declared using what's known as Form 17. Form 17 enables landlords to make changes to the default 50/50 split for tax purposes to reflect the actual ownership of the underlying assets.
If the property is in England, Wales or Northern Ireland, it will often be owned by married couples as 'joint tenants'. If so, the split is 50/50 and remains 50/50 even if a declaration of deed is submitted.
If you and your spouse, common-law partner, friend, or other person own the rental property, CRA considers you to be co-owners. As co-owners, you declare a portion of the rent as decided in a written or verbal agreement between the owners.