Sometimes it's good idea to rent part of your house to help out with some house bills.
If you are considering to rent it to family members, and wanting to claim them on your rental statement, make sure you don't charge below fair market value.
As per CRA website:"you can deduct your expenses only if you incur them to earn income", in another word, if you have rental loss due to insufficient rental income to cover the expenses, you are not allow to claim. Instead, it's a cost-sharing arrangement.
How do I know if it's below market value or not? add up your basic monthly expenses together(make sure it's calculated based on rental portion):
Mortgage interest + Utilities + Maintenance fee + phone/Internet
If the rental payment you collect is less than the above figure, you are considered 'renting below market value'.
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