formerly - SUNIL AND NITA LLP

SUNIL & NITA LLP, cHARTERED PROFESSIONAL ACCOUNTANTS 905.491.6843
SUNIL & NITA LLP, cHARTERED PROFESSIONAL ACCOUNTANTS 905.491.6843
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    • Home
    • Services
    • About Us
      • Our Team
      • Our Clients
      • Testimonials
    • Tax Tips & more
      • Tax Tips
      • What is FAPI
      • Tax Free Sec 85 Rollover
      • Home Office Tax Deduction
      • Rental or Business Income
      • How to save Probate Fee
      • Past Monthly News Letters
      • Download Books
      • Useful Links
    • File Upload
    • Client Log In
    • Paper Less Bookkeeping
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  • Home
  • Services
  • About Us
    • Our Team
    • Our Clients
    • Testimonials
  • Tax Tips & more
    • Tax Tips
    • What is FAPI
    • Tax Free Sec 85 Rollover
    • Home Office Tax Deduction
    • Rental or Business Income
    • How to save Probate Fee
    • Past Monthly News Letters
    • Download Books
    • Useful Links
  • File Upload
  • Client Log In
  • Paper Less Bookkeeping

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What is difference between Rental or Business Income?

  • Sometime it is difficult to determine whether rental income is from property or from the business.  The most important factors in determining income source are the number and kinds of services you provide for your tenants.  It is property income if you are earning income from a property by renting space and providing basic services  which only includes heat, light, parking and laundry services. If you provide additional services to tenants such as cleaning, security, and meal then you may be carrying on business. Bottom line is, the more services you provide, the greater the chance that the rental operation is a business.

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Information contained and accessed on this site (the “Site”) provided by the SN LLP is for general guidance and is intended to offer the user general information of interest. The information provided is not intended to replace, serve or substitute for any advisory, tax or other professional advice, consultation or service. 

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  • Services
  • Our Team
  • Our Clients
  • Testimonials
  • Tax Tips
  • What is FAPI
  • Tax Free Sec 85 Rollover
  • Home Office Tax Deduction
  • Rental or Business Income
  • How to save Probate Fee
  • Past Monthly News Letters
  • Download Books
  • Useful Links
  • File Upload
  • Paper Less Bookkeeping

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