Rent Check payable to Husband or Wife?

[JK Ottawa]

I am asking a low question, please do not laugh at me.

We are renting a house, I am not sure whether the rent check should be payable to me or my wife from Tax point of view. My salary is higher than my wife. Is there any difference?

Thanks in advance.

 

[mzhuang]

Your wife so she may be able to get Ontario Property rental credit.

You may also get extra $1000 is your family net income is less than 160,000. Do cliam for GST on your tax return so that you can get the extra money in 3 payment started in June till next year.

 

[ccc]

To whoever that has the lower fixed income because first of all the income tax rate is lower for that person.

 

[sip]

As my understanding, it doesn't matter. If your property is owned equally (50%) by your and your spouse, you have to fill the income tax divided 50% each between two of you.

 

[ccc]

As my understanding, it doesn't matter. If your property is owned equally (50%) by your and your spouse, you have to fill the income tax divided 50% each between two of you.

Is that right? :blowzy:

 

[JK Ottawa]

Thanks a lot, mZhuang, CCC 村长 and SIP.
Yes, our house is owned eually (50%) by my wife and me. As this is the first time to rent a house, I have no experience about the renting checkJ.

 

[shoppingcart]

As my understanding, it doesn't matter. If your property is owned equally (50%) by your and your spouse, you have to fill the income tax divided 50% each between two of you.

 

[Nanfang]

What if the share of the ownership was not specificed and there is a big loss for the first year (such as appliances, renovation, etc.),
will it better to let husband (with higher income) to have larger share of the ownership and claim the loss and reduce his total income?

 

[eggplant]

What if the share of the ownership was not specificed and there is a big loss for the first year (such as appliances, renovation, etc.),
will it better to let husband (with higher income) to have larger share of the ownership and claim the loss and reduce his total income?

No. Your rent is investment income, it cannot reduce your normal employment income on T4. but it can be used to offset your T5 income, e.g. interest and stock trading income.