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Rental Income Scenario - Brent bought an apartment condo in Calgary on May 1 , 2015 for $238,000 - putting 50% down and financing the balance with a 25 year mortgage. - Original 5 year mortgage term was at a rate of 3.00%. - Mortgage payments have been made monthly - The condo was rented for $1,775/ month during all of 2017 - 2017 annual property taxes were $1,572.02 - Condo fees were $275/ month for 2017 - Did major kitchen renovations in February of 2017 at a cost of $16,000 (paid in cash - i.e. not financed) - Replaced the some of the carpets in 2017 at a cost of $1,200 - Repainted the apartment in 2017 at a cost of $975 - Has receipts for $262.50 for regular maintenance items in 2017 - Paid $48/ month for landlord insurance in 2017 - The CCA class rate for the property is 4.0%, the UCC opening balance for the apartment in 2017 was $223,910 and this is the only revenue property that Brent has ever owned. tter all available deductions, what rental income must Brent clare on his 2017 income tax return? Rental Income Scenario - Brent bought an apartment condo in Calgary on May 1 , 2015 for $238,000 - putting 50% down and financing the balance with a 25 year mortgage. - Original 5 year mortgage term was at a rate of 3.00%. - Mortgage payments have been made monthly - The condo was rented for $1,775/ month during all of 2017 - 2017 annual property taxes were $1,572.02 - Condo fees were $275/ month for 2017 - Did major kitchen renovations in February of 2017 at a cost of $16,000 (paid in cash - i.e. not financed) - Replaced the some of the carpets in 2017 at a cost of $1,200 - Repainted the apartment in 2017 at a cost of $975 - Has receipts for $262.50 for regular maintenance items in 2017 - Paid $48/ month for landlord insurance in 2017 - The CCA class rate for the property is 4.0%, the UCC opening balance for the apartment in 2017 was $223,910 and this is the only revenue property that Brent has ever owned. tter all available deductions, what rental income must Brent clare on his 2017 income tax return

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