guys
i've a rather messy adhoc situation - trying to keep it brief!
problem statement..
i'm looking to rent my room in a house i bought with another...
the co-owner will still be living there... and the co-owner will not recieve income from the rent of that room (although it will all be going toward the common mortgage)
==
questions
would this class under the "rent a room scheme" and if so would i need to fill out "form 12"
or
would they need to be registered with the PRTB and tax as normal rental income
also
i've being told that if my house is in negative equity i would not have to pay tax on rental income... although i can't find any information to support this, is this true?
thanks in advance
i've a rather messy adhoc situation - trying to keep it brief!
problem statement..
i'm looking to rent my room in a house i bought with another...
the co-owner will still be living there... and the co-owner will not recieve income from the rent of that room (although it will all be going toward the common mortgage)
==
questions
would this class under the "rent a room scheme" and if so would i need to fill out "form 12"
or
would they need to be registered with the PRTB and tax as normal rental income
also
i've being told that if my house is in negative equity i would not have to pay tax on rental income... although i can't find any information to support this, is this true?
thanks in advance