Canada » Rental Market

Toronto Community Housing is home to more than 164,000 tenants living in communities across the Toronto. If you are concerned in making Toronto Community Housing your home, there are two ways to apply as a rent geared-to-income or market rent applicant.

 Toronto Community Housing has units available for singles, families and seniors who can afford to pay market rent rates. These units are not subsidized. About 7% of tenants pay market rent.

There is no annual income tax compliance or reporting issues associated with holding Canadian real estate for leisure or personal use only. 

 

If the property is leased to tenants and rent is collected, a withholding tax of 25% of the gross rents is required to be remitted to the Canadian tax department. If a tax return is filed within time limits, expenses such as interest, property taxes and depreciation may be claimed against the gross rents in arriving at net taxable income and tax is payable on the net taxable income and the withholding tax is creditable against the tax payable.