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Q: If a property belongs to an individual, but the loan is under a company's name. Would the rental income be reported under the individual's income tax?
A: Yes, the rental income should be reported as the individual's income. However, the loan interest incurred cannot be used to deduct against the rental income because the loan is not under the individual’s name.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru