{"id":9107,"date":"2019-05-22T10:00:38","date_gmt":"2019-05-22T17:00:38","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=9107"},"modified":"2026-02-27T17:04:24","modified_gmt":"2026-02-28T01:04:24","slug":"top-10-tax-deductions-for-bc-landlords","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/landlords\/top-10-tax-deductions-for-bc-landlords\/","title":{"rendered":"The Best Tax Deductions for B.C. Landlords 2026"},"content":{"rendered":"\n<p>Do you take advantage of all the deductions available to you as a B.C. landlord? When you own a rental property, you are legally obligated to report all rental revenue on the Statement of Real Estate Rentals schedule on your personal tax return. Thankfully, you are also able to deduct a number of landlord expenses from your gross rental revenue and then pay tax only on the amount remaining. We&#8217;re <a rel=\"noreferrer noopener\" aria-label=\"liv.rent (opens in a new tab)\" href=\"https:\/\/liv.rent\/\" target=\"_blank\">liv.rent<\/a>, and we help landlords manage their properties and find the best tenants possible. We created this guide to help ensure you&#8217;re fully leveraging the tax benefits legally available to you. Here\u2019s a list of the top allowable deductions for B.C. landlords.<\/p>\n\n\n\n<br><h2>Types of tax deductions for B.C. landlords<\/h2>\n\n\n\n<br>\n<style>\n.background-downloadable-guide-landlord-tax-deduction {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-downloadable-guide-landlord-tax-deduction p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-downloadable-guide-landlord-tax-deduction {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-downloadable-guide-landlord-tax-deduction{\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n<\/style>\n\n<div class=\"background-downloadable-guide-landlord-tax-deduction cta-block-downloadable-guide-landlord-tax-deduction\">\n<h3><strong>Download The Landlord&#8217;s Guide To Property Tax Deductions<\/strong><\/h3>\n\n<p>The ultimate tax guide for landlords in Canada. Everything you need to know about taxes, and how to get a bigger return.<\/p>\n\n<button id=\"downloadable-guide-landlord-tax-deduction\" class=\"button-downloadable-guide-landlord-tax-deduction\">Download Full Guide<\/button>\n<\/div>\n\n\n\n<p>The rules for reporting rental income and claiming deductible expenses are set by the Canada Revenue Agency and apply consistently across all provinces and territories. However, overall tax amounts may vary due to provincial tax rates and any additional provincial or municipal housing taxes that may apply.<\/p>\n\n\n\n<h3 style=\"color: #fe5f55\">1. Home insurance<\/h3>\n\n\n\n<p>You can deduct insurance premiums related to your rental property. If the entire property is rented out, you can claim the full amount. If only part of your home is rented (such as a basement suite), you must claim a reasonable portion based on the percentage of the property used to earn rental income.<\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;margin: 0;\"><b>Read more:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/04\/11-trustworthy-tenant-insurance-providers-for-renters-in-ontario\/\" target=\"_blank\" rel=\"noopener noreferrer\">11 Trustworthy Tenant Insurance Providers For Renters\n<\/a><\/p>\n<\/div>\n\n\n\n<h3 style=\"color: #fe5f55\">2. Interest<\/h3>\n\n\n\n<ul>\n<li>You <em>can<\/em> deduct interest on money borrowed for construction, repairs, upgrades and renovations to improve your rental property. <\/li>\n\n\n\n<li>You can deduct mortgage interest related to your rental property. However, mortgage principal payments are not tax-deductible.<\/li>\n\n\n\n<li>If you borrow money and use it to earn rental income \u2014 even if the loan is secured against your principal residence \u2014 the interest may be deductible, as long as the funds are used for rental purposes.<\/li>\n\n\n\n<li>If you refinance a mortgage on a rental property for personal purposes, the interest on the additional debt is not tax-deductible.<\/li>\n<\/ul>\n\n\n\n<h3 style=\"color: #fe5f55\">3. Costs<\/h3>\n\n\n\n<p>Most costs related to purchasing a rental property \u2014 such as legal fees, land transfer taxes, and closing costs \u2014 are not immediately deductible. Instead, they are added to the property\u2019s cost (Adjusted Cost Base), which may reduce capital gains when the property is sold.<br>Certain mortgage financing fees may be deducted over a five-year period.<\/p>\n\n\n\n<p>A small note on house flipping: CRA pays close attention to investors who buy and sell properties quickly. If the intention to acquire a property is not to earn rental income but rather to earn a profit, you will risk paying twice as much tax on that profit.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Rental income is fully taxable as regular income. When a rental property is sold, 50% of any capital gain is taxable. However, if a property is purchased primarily for resale, the profit may be treated as business income, which is fully taxable.<br>Under current rules, properties sold within 12 months of purchase are generally treated as business income unless a life-event exception applies.<\/p>\n\n\n\n<h3 style=\"color: #fe5f55\">4. Property taxes<\/h3>\n\n\n\n<p>You can deduct the property taxes you paid to your municipality for the current year (e.g. <a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Vancouver (opens in a new tab)\">Vancouver<\/a>, Richmond, North Vancouver) If your rental property is within your primary residence (e.g. basement suite,) deduct the correct proportion only.<\/p>\n\n\n\n<h3 style=\"color: #fe5f55\">5. Utility fees<\/h3>\n\n\n\n<p>Deduct the full amount of your utility payments for a separate rental property (or correct percentage for property that is part of your principal residence.) Utilities include heat, hydro, water, cable and internet.<\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;margin: 0;\"><b>Read more:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2019\/11\/setting-up-utilities\/\" target=\"_blank\" rel=\"noopener noreferrer\">Setting Up Utilities\n\n<\/a><\/p>\n<\/div>\n\n\n\n<h3 style=\"color: #fe5f55\">6. Property management<\/h3>\n\n\n\n<p>You can deduct salaries paid to property managers, superintendents, maintenance personnel (gardeners, painters etc.) and others you employ to care for your property. <\/p>\n\n\n\n<p><strong>Note:<\/strong> You cannot deduct the value of your own services.<\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;margin: 0;\"><b>Read more:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/07\/do-i-need-a-property-manager\/\" target=\"_blank\" rel=\"noopener noreferrer\">Do I Need A Property Manager?\n<\/a><\/p>\n<\/div>\n\n\n\n<h3 style=\"color: #fe5f55\">7. Professional fees<\/h3>\n\n\n\n<p>Be sure to deduct fees like those paid for legal services used to prepare leases, accounting fees and collection agency fees.<\/p>\n\n\n\n<h3 style=\"color: #fe5f55\">8. Travel<\/h3>\n\n\n\n<p>If you need to travel to collect rents and oversee renovations and repairs, for example, you can deduct the costs associated with getting to your rental property (gas, airplane ticket etc.). You cannot deduct hotel and food costs.<\/p>\n\n\n\n<h3 style=\"color: #fe5f55\">9. Advertising<\/h3>\n\n\n\n<p>You can deduct the cost of advertising your rental properties as well as finders\u2019 fees if you hired someone to secure a tenant. On liv.rent, you can use our <a href=\"https:\/\/liv.rent\/blog\/2021\/01\/how-liv-rents-featured-listings-fill-homes-faster\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"featured listings (opens in a new tab)\">featured listings<\/a> to supercharge the reach of your listing and get your units filled fast.<\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;margin: 0;\"><b>Read more:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/01\/how-liv-rents-featured-listings-fill-homes-faster\/\" target=\"_blank\" rel=\"noopener noreferrer\">How liv.rent\u2019s Featured Listings Fill Homes Faster\n\n<\/a><\/p>\n<\/div>\n\n\n\n<h3 style=\"color: #fe5f55\">10. Vehicle expenses<\/h3>\n\n\n\n<p>If you own one rental property you can deduct <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/rental-income\/completing-form-t776-statement-real-estate-rentals\/rental-expenses-you-deduct\/motor-vehicle-expenses.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">vehicle expenses<\/a> if the property is in the general area of your principal residence and you do most of the repairs and maintenance. Reasonable expenses include fuel costs, maintenance and repairs, insurance, licence and registration, interest on car loans, leasing costs. If you own more than one rental property, you can also deduct costs associated with travel to your rental property (see #8) to collect rents, supervise renovations and repairs and manage your property.<\/p>\n\n\n\n<br>\n<style>\n.background-landlord-cta-for-landlords {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-landlord-cta-for-landlords p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n.cta-block-landlord-cta-for-landlords li{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n.cta-block-landlord-cta-for-landlords {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-landlord-cta-for-landlords {\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n  \n<\/style>\n<div class=\"background-landlord-cta-for-landlords cta-block-landlord-cta-for-landlords\">\n<h3><strong>Landlords &#038; Property Managers<\/strong><\/h3>\n\n<p>Advertise your rental for free on liv.rent &#8211; an <a href=\"https:\/\/liv.rent\/\" target=\"_blank\" rel=\"noopener noreferrer\">all-in-one rental platform.<\/a><\/p>\n<br>\n<li><b>Maximize Exposure:<\/b> Multiplatform syndication to Craigslist, Kijiji, Zumper, Facebook Rental Groups &#038; more.<\/li>\n<li><b>Generate Quality Leads:<\/b> Chat instantly with ID verified renters &#038; search from a list of suggested tenants.<\/li>\n<li><b>Screen Tenants Smarter:<\/b> Easily assess a renter&#8217;s reliability &#038; trustworthiness with <a href=\"https:\/\/liv.rent\/blog\/livrent\/trust-score-explained\/\" target=\"_blank\" rel=\"noopener noreferrer\">Trust Score<\/a> &#8211; the new intelligent rating system.<\/li>\n\n<br>\n<a href=\"https:\/\/liv.rent\/landlords\" target=\"_blank\" rel=\"noopener noreferrer\"><button id=\"button-landlord-cta-for-landlords\" class=\"button-landlord-cta-for-landlords\">Learn More<\/button><\/a>\n<\/div>\n\n\n\n<div style=\"border: 5px solid aliceblue; text-align: center; margin: 20px 0%; padding: 20px\">\n<p style=\"font-size: 20px; color: #3E5B77; margin: 0;\"><strong><a href=\"#toc\">Back To Top<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<br><h2 id=\"how-to-claim\">How to claim rental property tax deductions<\/h2>\n\n\n\n<p>Thankfully, it\u2019s easy for landlords and rental property owners to claim all of the deductions listed above. In fact, they\u2019re included right within&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/forms\/t776.html\" target=\"_blank\">Form T776<\/a>, which is the Statement of Real Estate Rentals, and is a form every landlord has to familiarize themselves with.<\/p>\n\n\n\n<p>A list of potential expenses can be found on page 2 of this form, under Part 4 \u2013 Expenses. You\u2019ll be prompted to specify the Total Expenses for each, as well as the Personal Portion. After adding these amounts up, you can calculate your total deductible expenses by subtracting the personal portion from your total expenses.<\/p>\n\n\n\n<p>If you\u2019re having trouble navigating your rental income taxes, be sure to consult with an accountant or tax expert to get more clarity. We\u2019ve also made a video on the subject in collaboration with a Canadian Rental Tax Expert, which you can check out&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/liv.rent\/blog\/2021\/04\/landlords-guide-to-property-tax-deductions\/\" target=\"_blank\">here<\/a>&nbsp;to learn more.<\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 30px 0; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;margin: 0;\"><b>&gt;&gt; Recommended Reading:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2021\/04\/landlords-guide-to-property-tax-deductions\/\" target=\"_blank\" rel=\"noopener noreferrer\">VIDEO: Landlord\u2019s Guide To Property Tax Deductions<\/a><\/p>\n<\/div>\n\n\n\n<br><h2 id=\"bc-vs-canada\">Rental income deductions in B.C. vs. the rest of Canada<\/h2>\n\n\n\n<p>Generally, both taxes and deductions function the same across Canadian provinces &amp; territories, so landlords need only get acquainted with federal rules and regulations before going to file their taxes. It&#8217;s worth noting that all of the deductions here apply to every rental property in Canada, and there aren&#8217;t any B.C. exclusive expenses or deductions available.<\/p>\n\n\n\n<p>For individual landlords, rental income is factored in as regular income and taxed according to your own marginal tax rate and thus also doesn&#8217;t vary by province. For corporations or businesses, each province has its own unique corporate income tax on top of the <a rel=\"noreferrer noopener\" aria-label=\"Canada-wide 38% tax (opens in a new tab)\" href=\"https:\/\/buttonwood.ca\/tax-on-rental-income\/\" target=\"_blank\">Canada-wide 38% tax<\/a> on rental income for corporations. In B.C., corporations making rental income will have to pay an additional 12% in provincial tax. <\/p>\n\n\n\n<div style=\"border: 5px solid aliceblue; text-align: center; margin: 20px 0%; padding: 20px\">\n<p style=\"font-size: 20px; color: #3E5B77; margin: 0;\"><strong><a href=\"#toc\">Back To Top<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<br><h2 id=\"faq\">Frequently Asked Questions: Rental tax deductions in B.C.<\/h2>\n\n\n\t\t<section\t\thelp class=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h3>Is it worth claiming rental income deductions?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>In short, yes! Depending on how much you&#8217;re making, rental income can be taxed heavily in Canada, so landlords would do well to take advantage of the various expense deductions available to them. The majority of these deductions are for services and expenses landlords frequently use, so capitalizing on these and reducing your taxes at year&#8217;s end is always a wise move. <\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h3>How much are you taxed on rental income in Canada?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>As specified above, Canadian landlords are subject to income tax based on their own marginal tax rate. Corporations and businesses on the other hand must pay a rate of 38% in taxes on their rental income, in addition to a Provincial corporate income tax that varies by province. In B.C., this number is 12.0%. <\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h3>How do tax deductions work?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>Tax deductions are included right within the applicable tax form (Form T776, in this case), and simply need to be filled out alongside your income as a way of calculating the gross sum. <\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h3>How do I avoid paying tax on rental income?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>Canadians earning money from their rental property are obligated to report their income correctly and in full each year, so in that regard, you absolutely cannot avoid paying tax on your rental income.  <\/p>\n\n\n\n<p>You can, however, reduce the amount you end up paying by taking full advantage of the deductibles available to you. <\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h3>What happens if you don&#039;t declare rental income?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>If you neglect to claim your rental income during tax season, you run the risk of facing fines, criminal prosecution, or in the best case, a hefty tax bill later on. <\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section\t\thelp class=\"sc_fs_faq sc_card    \"\n\t\t\t\t>\n\t\t\t\t<h3>Do I need to declare rental income if I&#039;m not making a profit on it?<\/h3>\t\t\t\t<div>\n\t\t\t\t\t\t<div class=\"sc_fs_faq__content\">\n\t\t\t\t\n\n<p>In general, if you&#8217;re <a rel=\"noreferrer noopener\" href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/businesses\/topics\/rental-income\/renting-below-fair-market-value.html\" target=\"_blank\">renting your property below market value<\/a>, whether to a friend or a relative, or whatever the situation may be, you still need to report your rental income. This does get tricky though, as there are many intricacies to these situations worth looking into.  <\/p>\n\n\n\n<p>In one example, if you&#8217;re charging a family member a small amount of money for general upkeep, or to cover utilities or groceries, this amount does not need to be reported on your income. At the same time, you cannot claim a rental loss for this arrangement and are unable to deduct any associated expenses. <\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\n<script type=\"application\/ld+json\">\n\t{\n\t\t\"@context\": \"https:\/\/schema.org\",\n\t\t\"@type\": \"FAQPage\",\n\t\t\"mainEntity\": [\n\t\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Is it worth claiming rental income deductions?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>In short, yes! Depending on how much you're making, rental income can be taxed heavily in Canada, so landlords would do well to take advantage of the various expense deductions available to them. The majority of these deductions are for services and expenses landlords frequently use, so capitalizing on these and reducing your taxes at year's end is always a wise move. <\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How much are you taxed on rental income in Canada?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>As specified above, Canadian landlords are subject to income tax based on their own marginal tax rate. Corporations and businesses on the other hand must pay a rate of 38% in taxes on their rental income, in addition to a Provincial corporate income tax that varies by province. In B.C., this number is 12.0%. <\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How do tax deductions work?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>Tax deductions are included right within the applicable tax form (Form T776, in this case), and simply need to be filled out alongside your income as a way of calculating the gross sum. <\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"How do I avoid paying tax on rental income?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>Canadians earning money from their rental property are obligated to report their income correctly and in full each year, so in that regard, you absolutely cannot avoid paying tax on your rental income.  <\/p><p>You can, however, reduce the amount you end up paying by taking full advantage of the deductibles available to you. <\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"What happens if you don't declare rental income?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>If you neglect to claim your rental income during tax season, you run the risk of facing fines, criminal prosecution, or in the best case, a hefty tax bill later on. <\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Do I need to declare rental income if I'm not making a profit on it?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"<p>In general, if you're <a>renting your property below market value<\/a>, whether to a friend or a relative, or whatever the situation may be, you still need to report your rental income. This does get tricky though, as there are many intricacies to these situations worth looking into.  <\/p><p>In one example, if you're charging a family member a small amount of money for general upkeep, or to cover utilities or groceries, this amount does not need to be reported on your income. At the same time, you cannot claim a rental loss for this arrangement and are unable to deduct any associated expenses. <\/p>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t\t\t\t]\n\t}\n<\/script>\n\n\n\n<div style=\"border: 5px solid aliceblue; text-align: center; margin: 20px 0%; padding: 20px\">\n<p style=\"font-size: 20px; color: #3E5B77; margin: 0;\"><strong><a href=\"#toc\">Back To Top<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<br><h2 id=\"resources\">Additional resources for landlords<\/h2>\n\n\n\n<ul>\n<li><a rel=\"noreferrer noopener\" aria-label=\"Homeowner\u2019s Guide to B.C. Taxes: Property Tax, Empty Homes &amp; Speculation Tax, GST and PST (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2020\/09\/homeowners-guide-to-bc-taxes-property-tax-empty-homes-speculation-tax-gst-and-pst\/\" target=\"_blank\">Homeowner\u2019s Guide to B.C. Taxes: Property Tax, Empty Homes &amp; Speculation Tax, GST and PST<\/a><\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" aria-label=\"Vancouver\u2019s Empty Home Tax Explained (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2018\/12\/ins-outs-of-bcs-empty-home-taxes\/\" target=\"_blank\">Vancouver\u2019s Empty Home Tax Explained<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/liv.rent\/blog\/2021\/06\/liv-rent-user-guide-landlords-and-property-managers\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The Complete User Guide To liv.rent For Landlords &amp; Property Managers<\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Landlord&#039;s Guide To Rental Property Tax Deductions | liv.talk Webinar\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/7KAivgX5N8o?start=5&#038;feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/liv.rent\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n<br>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<br> \n\n<style> \n\n.button-rethink-way-you-rent { \n  background-color: #3E5B77; \n  border: 5px #26425C; \n  color: white; \n  padding: 10px 30px; \n  text-align: center; \n  text-decoration: none; \n  display: inline-block; \n  font-size: 15px; \n  margin: 5px 0px 20px 0px; \n  cursor: pointer; \n} \n<\/style> \n\n<img decoding=\"async\" class=\"alignleft wp-image-23097\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2020\/08\/Digital-Contracts-Cropped-2.gif\" alt=\"Find apartments &amp; houses for rent with the liv.rent app\" width=\"196\" height=\"370\" style=\"float:left;\"> \n\n<h3 style=\"color: #3E5B77;\">Rethink The Way You Rent<\/h3> \n\n<p>Not on <strong><a href=\"https:\/\/liv.rent\/\" target=\"_blank\" rel=\"noopener noreferrer\">liv.rent<\/a><\/strong> yet? Experience the ease of digital applications &#038; contracts, verified tenants &#038; landlords, virtual tours and more \u2013 all on one platform. <strong><a href=\"https:\/\/liv.rent\/pricing\" target=\"_blank\" rel=\"noopener noreferrer\">Sign up for free<\/a><\/strong> or <strong><a href=\"https:\/\/liv.rent\/download\" target=\"_blank\" rel=\"noopener noreferrer\"> download the app<\/a><\/strong>.<\/p> \n\n<a href=\"https:\/\/liv.rent\/\" target=\"_blank\" rel=\"noopener noreferrer\"><button id=\"button-rethink-way-you-rent\" class=\"button-rethink-way-you-rent\">Learn More<\/button><\/a> \n\n<p style=\"color: #3E5B77\"><strong><a href=\"https:\/\/315027fd.sibforms.com\/serve\/MUIEALxBmw-zX8J7nIDbE8Y0GsbO2XD2wyS5o8IJ7wVaedytZTfE-Ysnf2unVSDuBMQ_DiIreTYMftk3u84zjN-NZ459-r4fafSVJmvHqufcCZsHOdl9YPdQlyNO_8e-aEyO3JswcwrjPcNt9Ll22P85SQ6zAIiqlLhL9S2Es9edJgfjg0307yN6DptRbjGnHobRqNlUNRLczWrl\" target=\"_blank\" rel=\"noopener noreferrer\">Subscribe<\/a><\/strong> to receive the latest tenant &#038; landlord tips and get notified about changes in the Canadian rental market.\n<\/p> \n\n<p style=\"color: #3E5B77\"><strong>>> Stay up-to-date on the average rent in Vancouver, Toronto and Montreal: <\/strong> <a href=\"https:\/\/liv.rent\/blog\/rent-reports\/\" target=\"_blank\" rel=\"noopener noreferrer\">Rent Reports<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you take advantage of all the deductions available to you as a B.C. landlord? When you own a rental property, you are legally obligated to report all rental revenue on the Statement of Real Estate Rentals schedule on your personal tax return. Thankfully, you are also able to deduct a number of landlord expenses [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":33677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[528,540,520,524,542],"tags":[579],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Best Tax Deductions for B.C. Landlords 2026 | liv.rent blog<\/title>\n<meta name=\"description\" content=\"Unfortunately, being a BC landlord comes with a long list of expenses. Fortunately, this also comes with a list of tax deductions that you can claim.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/liv.rent\/blog\/landlords\/top-10-tax-deductions-for-bc-landlords\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Best Tax Deductions for B.C. Landlords 2026 | liv.rent blog\" \/>\n<meta property=\"og:description\" content=\"Unfortunately, being a BC landlord comes with a long list of expenses. Fortunately, this also comes with a list of tax deductions that you can claim.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/liv.rent\/blog\/landlords\/top-10-tax-deductions-for-bc-landlords\/\" \/>\n<meta property=\"og:site_name\" content=\"liv.rent blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/liv.rent\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-22T17:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-28T01:04:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2019\/05\/2021-11-18_Blog_Tax_Deductions_For_Landlords_BC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1201\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kristina Ikavalko\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@liv_rent\" \/>\n<meta name=\"twitter:site\" content=\"@liv_rent\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kristina Ikavalko\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/liv.rent\/blog\/landlords\/top-10-tax-deductions-for-bc-landlords\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/liv.rent\/blog\/landlords\/top-10-tax-deductions-for-bc-landlords\/\"},\"author\":{\"name\":\"Kristina Ikavalko\",\"@id\":\"https:\/\/liv.rent\/blog\/#\/schema\/person\/d848b746dd0bf9661e52be319d6921ae\"},\"headline\":\"The Best Tax Deductions for B.C. 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