Owning rental property provides not only income but also deductions you can claim at tax time. This includes rental expenses, such as homeowner’s insurance, property taxes, maintenance fees, mortgage interest, utility costs, advertising, and property management fees.

You also may qualify for the capital cost allowance, or CCA, which is depreciation that can be claimed on your return. The Canada Revenue Agency (CRA) has specific requirements for claiming the CCA on rental property. Here’s all you need to know.