[{"data":1,"prerenderedAt":106},["ShallowReactive",2],{"blog-/blog/04-track-rental-expenses-for-tax-time":3},{"id":4,"title":5,"body":6,"date":91,"description":92,"draft":93,"extension":94,"meta":95,"navigation":100,"order":101,"path":102,"seo":103,"stem":104,"__hash__":105},"blog/blog/04-track-rental-expenses-for-tax-time.md","Track Rental Expenses All Year, Not Just at Tax Time",{"type":7,"value":8,"toc":83},"minimark",[9,13,17,22,25,42,45,49,63,67,70,74,77],[10,11,5],"h1",{"id":12},"track-rental-expenses-all-year-not-just-at-tax-time",[14,15,16],"p",{},"Scrambling through receipts in March is stressful and easy to get wrong. Recording expenses as they happen takes a few seconds each and pays off when it is time to file.",[18,19,21],"h2",{"id":20},"repairs-versus-improvements","Repairs versus improvements",[14,23,24],{},"In Canada, the CRA separates rental costs into two kinds, and they are treated very differently:",[26,27,28,36],"ul",{},[29,30,31,35],"li",{},[32,33,34],"strong",{},"Current expenses"," are ongoing costs with a short-term benefit, such as routine repairs, repainting, insurance, property tax, utilities you pay, advertising, and condo or strata fees. These are generally deducted in the year you pay them.",[29,37,38,41],{},[32,39,40],{},"Capital expenses"," are lasting improvements or purchases, such as a new roof, a new furnace or major renovations. These are not deducted all at once. They are usually claimed gradually through capital cost allowance.",[14,43,44],{},"Fixing a leaky faucet is a current expense. Replacing the whole kitchen is capital.",[18,46,48],{"id":47},"things-that-are-easy-to-get-wrong","Things that are easy to get wrong",[26,50,51,54,57,60],{},[29,52,53],{},"On a mortgage, the interest is deductible but the principal payments are not.",[29,55,56],{},"Land transfer tax paid when you buy is a capital cost, not a current expense.",[29,58,59],{},"Fines and penalties are not deductible.",[29,61,62],{},"If you use part of a property personally, only the rental share of shared costs can be claimed.",[18,64,66],{"id":65},"make-a-habit-of-recording-as-you-go","Make a habit of recording as you go",[14,68,69],{},"Good records usually need only a few things for each expense: the date, the amount, who you paid, what it was for, and the receipt. Use the same category names every time so your totals add up cleanly at year end.",[18,71,73],{"id":72},"keystead-helps-keep-it-tidy","Keystead helps keep it tidy",[14,75,76],{},"In Keystead, expenses sit alongside your properties and use a shared payee list tied to categories. A plumber you pay several times becomes one payee with a consistent category, and your year-end numbers are easier to read.",[14,78,79],{},[80,81,82],"em",{},"This post is general information and not tax advice. Check the CRA's rental income guidance or speak to an accountant about your situation.",{"title":84,"searchDepth":85,"depth":85,"links":86},"",2,[87,88,89,90],{"id":20,"depth":85,"text":21},{"id":47,"depth":85,"text":48},{"id":65,"depth":85,"text":66},{"id":72,"depth":85,"text":73},"2026-10-03","Knowing the difference between repairs and improvements, and keeping tidy records as you go, makes tax season far less painful.",false,"md",{"tags":96},[97,98,99],"expenses","taxes","bookkeeping",true,4,"/blog/04-track-rental-expenses-for-tax-time",{"title":5,"description":92},"blog/04-track-rental-expenses-for-tax-time","ju6LQcoVCtxcVg7TGBSe8wDQ01cpBbCQ3dga9XBRxb8",1791389875634]