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If We Are Planning To Buy A House But Have Plans To Rent Out The Basement, Can We Still Be Classified As First Time Home Buyer?
Do I need to register as a business owner when we start renting out the basement? What tax form should I put this income in?
Thank you
Yes, you can still be considered as a first time home buyer so long as you did not buy a home in the previous 4 years. You do not need to be registered as a business owner to rent your basement. Report the rental income collected and expenses incurred on form T776, which should be submitted with your personal tax return.