Canadian Tax Austin purchased a residential rental property on April 15, 2018. He paid $350,000...
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Accounting
Canadian Tax
Austin purchased a residential rental property on April 15, 2018. He paid $350,000 cash for the property, which $50,000 allocated to the land and rest to the building. He also paid an additional $8,000 for eligible rental expenses during 2018. He rented the property on May 1 to long term tenants for $1,400 per month. How much rental income should he report on his 2018 tax return?
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