u/dainfamous41

My retired mom transferred me her primary residence (bungalow), which is now a rental property for me. My mom and sister continue to live here on the main floor and can afford $2600 rent total per month based on their income (CPP, OAS, etc). The basement is empty and no intention to rent out for their security.

The fair market rent value appears to be $2500 for a main floor bungalow rental. For the year I estimate $21k in expenses (property tax, utilities, cable, internet, house insurance, mortgage interest) and $30k rental income, which would leave me with about $9k additional income to add to my net income.

This obviously doesn't appear to be a beneficial arrangement for me, so my question are:

1. Is it mandatory for me to fill out T776 on yearly basis in a Non-Arm Length Arrangement? It's obviously alot of work to track and manage the rental property. I have heard that if it is a cost sharing arrangement you don't need to, but then if I don't file a T776 every year - will this hurt me in the far future when trying to sell the property and trying to avoid capital gain tax?

2. I assume I can use CCA to reduce the net income of $9k to zero, but then I need to have the appraisal report to figure out the land and building split to properly do this? Or should I avoid reporting CCA altogether?

3. Other than increasing RRSP room, is there any other benefit of having the $9k additional income added?

06 TSX at 293000km. Looking to get it over 300000km, ideally more as *knock on wood* there hasn't been any significant issues to date.

Installed Kumho HA32 tires at 265000km, but they have experienced fast wear and likely need to replace them this summer. I don't want to invest in both a summer and winter set. I just want a decent all-season tires that can handle light snow/rain. When the weather is bad, I don't drive this car.

Any recommendations for tires?

New landlord. I will be renting a house to my mom and sister. I will pay the mortgage, property tax and all utilities.

What do I need to cover myself to be able to properly report all T076 rental expenses?

1. Do I sign a 1 year lease with my mom and sister and then renew it every year? Is this the the Ontario residential tenancy agreement?

2. If my mom e-transfers me the rent every month, do I still need to maintain rent receipts/invoices? Or are the e-transfer/bank account deposits/balance statements sufficient evidence?

3. What scenarios am I entitled to claim mileage for when travelling to the property? Example - landlord maintenance/repairs to house, lawn cutting?. How do I go about documenting these visits?

Received approval for a $300k RBC Homeline plan for rental property appraised for $850k. RBC wants to register the charge/lien with the lawyer for $850k. This is for 5 year variable mortgage, which I don't anticipate being paid off within the 5 years, so I think I will be stuck with RBC for at least 5 years.

RBC said they can qualify me to increase the Homeline plan with the extra $550k without additional legal fees. I don't anticipate I will need the extra money, therefore wondering if I should reduce the charge/lien?

1. Does registering the charge/lien with the extra $550k impact ability to renew mortgage on primary residence in future?
2. I assume registering the charge/lien at higher amount that mortgage is a standard practice for collateral mortgages, however just trying to think of scenarios why this is good practice and when I could ever need access to $850k?