Taxes Completed, Hurray!

[Lazybones]

You pay capital gains on property when you sell it so renting or purchasing the place you live in the most does not matter till the point you sell it.

IE if you deferred you first rented it out for 4 years then sold it you would not yet pay any gains. You would however have 4 years built up on your second property, so you would have to factor those first 4 years into its sale. However by living in the second home for 4 more years or so (total 8+) you would likely offset the gains based on how the formula works. However if you sold it right away you would have to pay a lot of gains assuming its value went up.

[Tom]

Yay! Now I fit in! I just did my taxes. Thank god for TaxChopper and NETFILE.

[Thorin]

Pretty sure the standard maintenance actually falls under capital cost allowance (CCA).  That is, it's not a direct deductible expense, it's an expense where a percentage of the cost can be written off each year.

There's a whole section of tax code to do with depreciation of buildings that I haven't read enough times to memorize yet.

[Darren Dirt]

Income Tax: WWII Disney Propaganda
"obedient tax-payer? or friend of Hitler!?"

"... remember, it's your tax dollars that run the factories... American factories!" <-- nice wording, future fighters of socialism/communism!

[Mr. Analog]

Meanwhile at IBM...

We got another support ticket from the Reichstag!