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A few tips for keeping your current home as a rental property

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Here are a few tips to remember should you decide to keep your current home as a rental:

  • Your property taxes will likely go up. Assuming you have bee claiming the $770 Annual homeowners grant, you can no longer claim it if you don't live in the property so you will want to budget for that and let your lender know if they withdrawing a tax portion with your mortgage payment
  • Your home owner's insurance policy will change (and likely go up). Be sure to get quotes for the new insurance coverage as soon as possible. It's a good idea to ask your tenants to get renters insurance as well
  • You will have to pay income tax on the income earned from your property. Since you will have to claim this income at tax time, be sure you budget for that
  • You will likely have to pay capital gains tax when you sell the property (as it will now be an investment instead of your primary residence). You will definitely want to consult an Accountant about this
If you have any questions about this or any mortgage related questions at all, please feel free to contact me.

www.christinebuemann.com
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Location: 1338 Central St E, Prince George, BC V2M 3C1, Canada

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