LandLord Connect - April Newsletter

Apr 1, 2019

News source:

Tax season is upon us!

The last day for taxes to be filed without penalty is April 30th 2019. As a landlord, it is your responsibility to provide all your tenants with rent receipts. This can be provided on a monthly basis or one could be made out for the previous year.

For YOU as a landlord, declaring income from rental property/properties can be pretty straight forward. However, there are a few expenses that can be reported in which not all landlords are aware of, here are a list of some of them to ensure you get the most of your return:

  1. Cost of advertising your rental - while most internets ads are free, should you have spent money to post an ad in the local newspaper you can get this reimbursed
  2. Should a management company be responsible for finding your tenant, their payments may be claimed too
  3. If you own one or more rental properties, you are eligible to claim expenses used for travelling. This can be related to collection of rent, supervision of repairs and carrying out general management of your property
  4. If you own only one rental property and carry out all repairs and maintenance yourself, you may be eligible to deduct vehicle expenses for transporting tools and materials required for property maintenance. Please note this does NOT include rent collection
  5. Other rental expenses that can be claimed include utilities, office expenses, insurance, property taxes and legal fees

For more information please visit:

https://turbotax.intuit.ca/tips/tips-for-renting-out-your-house-6375 

As landlords and home owners, did you know there are grants, rebates and incentives offered by the City of Toronto that you could take advantage of?

Here are a few of them that may benefit you and your home!

Basement Flooding Protection Subsidy Program: The City offers owners of single-family, duplex and triplex residential homes a subsidy of up to $3,400 per property to install flood protection devices.

Building Permit Rebate: Homeowners who have applied for a building permit may be eligible for a property tax reduction, if their property was demolished, damaged or renovated during the year.

Eco-Roof Incentive Program: Grants for green and cool roofs. Install a green roofor cool roof and get a grant.

Water Rebate Program:This program offers a water rebate if you are a low-income senior or a low-income person with a disability who consumes less than 400 cubic meters (m³) of water each year.

Municipal Land Transfer Tax (MLTT)Rebate: Review to see whether you are eligible for a MLTT rebate.

Mandatory Downspout Disconnection Financial Assistance Program: Low-income seniors or persons with a disability may qualify for a reimbursement of up to $500 to help offset the costs of downspout disconnection work.

Home Energy Loan Program: Through the City’s Home Energy Loan Program (HELP), homeowners can get a low-interest loan of up to $75,000 to cover of the cost of energy efficient upgrades to their homes.

Faucet Filter Rebate Program: Offers a rebate to help purchase a lead faucet filter and/or replacement cartridges to low-income homeowners who meet the criteria.

Property Tax Increase Cancellation Program: This program gives low-income seniors and low-income persons with a disability the opportunity to apply for a cancellation of property tax increases.

Property Tax Increase Deferral Program: This program gives low-income seniors and low-income persons with a disability the opportunity to apply for a deferral of property tax increases.

For more information on these rebates, grants and incentives please visit

https://www.toronto.ca/services-payments/grants-incentives-rebates

Spring Lawn/Yard clean up time!

Spring is here! With the snow finally melting and the sun gracing us for longer hours each day, it may be time to begin some yard work! Here are some tips for making life a little easier if it is your first time around:

Pick up debris – leaves, rocks, twigs and branches from your yard/lawn/balcony to encourage and promote grass growth

Remove dead plants that did not survive the winter, whether it be annuals or old roots, be sure to pull them out so the soil can loosen. This will support efficient air flow, water distributions and circadian of nutrients within the soil

For planting beds – pull out any weeds or debris accumulated from the winter season. Raking mulch allow the sun to dry the warm soil. The warmth will optimize plant growth conditions!

When you begin yard work and maintenance of outdoor shared spaces, you promote the growth and use of green spaces. This will make your house, building or property much more enjoyable to live in. If you feeling creative perhaps you could even make this a social event inviting tenants and community members to join this fun project building and maintaining positive relationships with your tenants!

Gardening tips

Now that the yard/lawn/ balcony is looking in tip top shape, it is ready for gardening! While it may not be a landlord’s responsibility to provide green spaces dedicated to gardening, keep in mind that may be a great activity to promote to your tenants. This way, you not only foster strong, positive and trusting relationships with your tenants but it will also encourage them to care and be responsible for the green space they are working with. This can be an inexpensive, healthy and rewarding hobby for everyone! This may mean less work for you! Here are some gardening tips for you and to share with tenants!

Be prepared and know what to expect – be sure to do some research on whatever it is you would like to plant. Fruits, vegetables and herbs all require different amounts of space and amount of sunlight and water. If plants are being grown inside, be sure to place them in an area with the appropriate amount of sunlight. If you are looking to plant seeds, be sure to acknowledge the best months to plant them to ensure you are able to harvest your crops in time!Transplanting young plants will be less of a hassle and work should you want to make things easier and less work

Plant pruning – Be sure to remove dead growth and debris left over from the winter season to allow new growth

Finding the suitable container – If plants will be grown in a container be sure to leave it enough room for moisture, nutrients and root growth. This can enable some plants to be watered less. Containers with drainage holes are highly encouraged. Do note that container sizes should change gradually as a plant grows, if the pot is too large, the ratio of plant roots to soil will be too great for the roots to absorb all the moisture after watering, which leads to water sitting at the bottom of the pot and causes the roots to rot

Finding the right supplies – You can easily find inexpensive supplies at the dollar store,Walmart, Canadian Tire, Rona or Home Depot!

Associated Document(s):

    Document Title: Landlord Connect April Newsletter
    The Document: April Newsletter Landlordconnect1.pdf
    Type of Document: Acrobat PDF file

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