P014, Here is what to be shared with the rental receipts…

Last Updated on 2020-07-13 by Tom

A few notes on the receipts

Quite often, some residents in our Culfidant community naturally ask for the receipts each time when the rents are being paid every month. This is totally normal and yet here is the common practice we do in our community in terms of rental receipts

  • During the beginning stage when a prospect applies and is being approved for the rental lease agreement, our office shall issue receipts for any transaction that involves money exchange (for example, initial deposit, security deposit, and first month rent, etc). this is because normally the prospect has not being formally regarded as the resident yet and formal receipts issued by our office are a best way to help you keep a clear record on what has been involved accurately.
  • Once the new residents move in and become a formal member of our community, your lease agreement is a legal bonding to govern the obligation of the rent payment on the every first day of each month, as well as the legal document to record such financial payments. Under normal circumstance, it should be sufficient enough to simply provide the lease as part of the approval that you are in a good standard of the rents payment. Our office accounting system does record all the payments at the back end, as long as you pay rents on time, there will be no need to have receipts sent over.
  • Under relatively less frequency circumstances, for example, you may be audited by CRA, and they may need more details besides the legal documents. Under such circumstance, all you need is to provide the original document source to our office and we will provide any necessary financial record, including monthly rental payment receipts if needed.
  • GST – As per federal tax/GST servie policy, there is no GST charged when rents are charged for residential rentals. Therefore, the gst on your rents is always ZERO.

As always, please feel free to let us know if we can be of any further help on any question you may have.

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