Step-by-step in Newfoundland and Labrador
- 1Mortgage interest (the interest portion only, not principal). Central Rentals reconciles this from your bank feed.
- 2Property tax (municipal + provincial). Central Rentals auto-flags your annual municipal property tax bills.
- 3Insurance premiums (landlord-specific property insurance).
- 4Repairs + maintenance (immediate-deduction expenses). Capital improvements are amortised — Central Rentals classifies each receipt automatically.
- 5Utilities you pay (heat, water, electricity, garbage) when included in rent.
- 6Professional fees (lawyer, accountant, property manager — including your Central Rentals subscription).
- 7Travel + vehicle costs for property inspections (within CRA's allowed kilometre rates).
- 8Advertising (online listings, sign installation, photo/video costs).
- 9Bank fees on the rental operating account.
- 10Capital cost allowance (CCA) on the building itself — Central Rentals computes the legal max each year.
Why this matters
Because Newfoundland and Labrador landlords don't reconcile transactions monthly, expenses scatter across personal credit cards by tax time — most simply give up and overpay tax. Central Rentals' T776 export auto-categorises every line and produces a CRA-ready PDF.
Frequently asked
Can I deduct the cost of Central Rentals as a landlord expense?
Yes. Property management software subscriptions are 100% deductible as professional fees on T776 line 8810. Central Rentals issues an annual CRA-ready receipt automatically each January.
Do I have to claim CCA on my rental property?
It's optional — but claiming CCA reduces your tax bill in the short term while creating recapture on sale. Central Rentals shows you the impact both ways before you decide.
What if I rent a unit at a loss in Newfoundland and Labrador?
Net rental losses can usually offset other personal income on your T1, subject to CRA's reasonable-expectation-of-profit rule. Central Rentals flags loss years and prepares the supporting evidence.
Stop guessing — let Mark handle it
Central Rentals automates every step above for Newfoundland and Labrador landlords. Generate the right notice, calculate the legal cap, file with Residential Tenancies Office, and export to CRA — all in one place.