Property rental earning

[mobyshaikh]

I am confused about what is considered property rental and can it be considered in my earnings?

123. Earnings may include, among other things:
income from property rental, where this forms part of the applicant’s business; and

124. Unearned sources of income that we will not consider as previous earnings include
income from property rental, unless this forms part of the applicant’s business;

What does it mean property rental has to form part of applicant's business? I am a salaried employee at a firm. Property is not my business.

I have purchased an apartment. I myself don't live in the purchased apartment. Therefore, I get annual rent from it. However, this apartment is not fully paid off. It is mortgaged from a bank. But I do get rental income from which I pay off monthly mortgage. Can it be considered as part of my earnings?

Thanks in advance.

[push]

I am confused about what is considered property rental and can it be considered in my earnings?

123. Earnings may include, among other things:
income from property rental, where this forms part of the applicant’s business; and

124. Unearned sources of income that we will not consider as previous earnings include
income from property rental, unless this forms part of the applicant’s business;

What does it mean property rental has to form part of applicant's business? I am a salaried employee at a firm. Property is not my business.

I have purchased an apartment. I myself don't live in the purchased apartment. Therefore, I get annual rent from it. However, this apartment is not fully paid off. It is mortgaged from a bank. But I do get rental income from which I pay off monthly mortgage. Can it be considered as part of my earnings?

Thanks in advance.

No, you cant. You have already answered the quesion.

[mobyshaikh]

Thanks but just curious who would be considered having a property business? The one who is buying and selling property?

And what about income coming from property for normal people? Where should that be counted?

[push]

Thanks but just curious who would be considered having a property business? The one who is buying and selling property?

And what about income coming from property for normal people? Where should that be counted?

Someone who's sole business is to rent out properties. For other people income from rent cannot be used to claim points under the PBS route.

[mobyshaikh]

sounds good ... if the rules dont permit it then I guess there's no argument

Thanks push

[push]

sounds good ... if the rules dont permit it then I guess there's no argument

Thanks push

One could however house the property in a business that they wholly own and then claim the income from business for points under PBS. I am not sure though how regulations re property rental business work.

[mobyshaikh]

sounds good ... if the rules dont permit it then I guess there's no argument

Thanks push

One could however house the property in a business that they wholly own and then claim the income from business for points under PBS. I am not sure though how regulations re property rental business work.

Sounds too much of a hassle

[mobyshaikh]

Is there a forum for Tier 1 that has more discussions and participation than this one? I hardly see anyone providing their advice - except of course a few who have posted on my question

[push]

Is there a forum for Tier 1 that has more discussions and participation than this one? I hardly see anyone providing their advice - except of course a few who have posted on my question

There are plenty out there but the reason why you arent seeing many responses is probably because other members believe either (1) they dont have an answer to your query or (2) that your query has been answered already and they dont have anything else to add.

[geriatrix]

ANd also perhaps because the following statement is self-explanatory!

123. Earnings may include, among other things:
income from property rental, where this forms part of the applicant’s business; and.

Also, number of responses is not a reflection of accuracy and different people people repeating the same answer in a topic doesn't make sense. One response is more than enough when accurate - already provided by push.


regards

[mobyshaikh]

Thank you guys i was only wondering. Thanks for all your help