# Renting out a cottage and taxation



## Taxsaver (Jun 7, 2009)

I bought a cottage in 2011 close to my hometown in Quebec. I'm planning on permenantly moving in it 2015. In the meantime, I can rent it out in the summer time and make about $6,000 as income. I have not rent it out at all in 2011, but might rent it in July 2012. I would like to know everything I need to know on the taxation side. Thanks.


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## caricole (Mar 12, 2012)

Since the cottage is in «La Belle Province»

The proper form to calculate everything

Take care of the «PERSONAL PORTION» and go year by year 

Very easy :encouragement:

http://www.revenuquebec.ca/en/sepf/formulaires/tp/tp-128.aspx


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## Just a Guy (Mar 27, 2012)

If you make money, it's taxable. Of course, there may be deductions...

You also need to consider capital gains from the time of purchase until it becomes your permanent residence. After you move in the capital gains are tax-free, before you move in, you are liable for them and they may need to be paid when you switch.

I'd get an accountant.


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