Tax & Finance 7 min read
Top 10 Missed Tax Deductions for Ontario Landlords
Deductions You Might Be Missing
Under CRA rules, reasonable expenses directly related to your rental property are deductible against rental income. Yet most landlords miss $2,000–$5,000 per year in legitimate deductions. Here are the most commonly overlooked items:
- Phone and internet — The portion used for managing rental properties is deductible
- Software subscriptions — Property management software, accounting tools
- Home office expenses — If you manage rentals from home, deduct proportional utilities, internet, insurance
- Advertising — Listing fees on Kijiji, Facebook, rental platforms
- Vehicle expenses — Gas, insurance, maintenance for driving to properties (rental-use portion)
- Accounting and legal fees — Tax preparation, legal consultation, paralegal fees
- Minor repairs — Replacing faucets, locks, light fixtures, and other routine maintenance
- Travel and accommodation — If your rental property is out of town, travel costs for management
- Bank fees — Monthly fees and transfer charges on rental-related accounts
- Training and education — Courses and seminars related to landlord management
Tip: Keep all receipts for at least 6 years. The CRA can audit you up to 6 years after filing. Deductions without receipts may be disallowed.
How AnchorLease Helps
AnchorLease's AI scans your expenses against CRA rules to find deductions you're missing — typically $2,000–$5,000/year that a generic chatbot would never surface.
This guide is for informational purposes only and does not constitute legal or tax advice. For professional advice, consult a licensed lawyer, paralegal, or accountant.