Free Press Journal
  • Rent can be taxed on notional basis

    Of all taxable incomes, perhaps tax on rental income is most complicated as this is the only income that the Income Tax Act (ITA) taxes on a notional basis. In other words, the incidence of tax is based not only on the income earned from the property but also where no income is being earned, on the inherent potential of the property to earn income. Also, the exemptions and deductions differ as