Rent guarantee insurance is a type of policy that protects landlords financially if a tenant fails to pay their rent. Depending on the policy, it may also provide coverage for eviction costs and property damage.
Consider your experience as a landlord and the time it takes to evict a non-paying tenant before obtaining rent guarantee insurance. New landlords managing a rental in s region where it takes a long time to remove a tenant will benefit the most from this coverage.
Landlords obtain rent guarantee insurance to offset the risk of lost rental income should their tenants stop paying rent. SingleKey’s Rent Guarantee Program provides coverage for up to 12 months of unpaid rent, helping landlords manage the risk of tenant defaults. It also covers legal expenses related to evictions and property damage.
Rental property depreciation is a method that accounts for the loss in value of real estate property over time due to wear and tear. You can claim depreciation as an expense on your tax return to lower your tax liability.
The Internal Revenue Service (IRS) limits how much depreciation you can deduct against your rental income annually. Most rental properties are depreciated over 27.5 years.
You can claim depreciation on the initial purchase price of the rental property, eligible closing costs, and improvements costs. However, you can’t depreciate the land, as it doesn’t lose value over time.
In general, rent payments can’t be claimed on a tenant’s tax return. This rule does have a few exceptions, which means some financial relief is available for tenants. Here’s how you can help your tenant get a tax break on their rent payments.
Tenants who live in Ontario, Quebec, and Manitoba may be eligible for tax credits that help low-income households offset the cost of living expenses, including rent. These tax credits can help them recover some of the money they spend on rent during the year.
Does your tenant run a business from your rental property? If so, the good news is that they can legally claim a portion of their rent as a tax-deductible expense.
Hi all — my name is Viler Lika and I am the co-founder and CEO of SingleKey, your trusted partner for tenant risk management solutions. Today is a very special day for our team here at SingleKey: we have acquired Naborly Inc, a leading tenant screening provider in North America. What does this mean? For starters, […]
Welcome to SingleKey! SingleKey is excited to welcome Naborly users to the SingleKey Community. Naborly users can look forward to the best screening experience in Canada, as we merge our screening platforms. We are committed to ensuring a smooth transition for all Naborly users. Please read further for more information. Read the press release here […]
We are thrilled to announce that we’ve partnered with Raising the Roof, a Toronto-based non-profit organization recognized as a national leader in homelessness prevention.
A credit score is one of the most important factors in a tenant credit report that can show financial stability. This three-digit number provides valuable insight into a person’s finances, including their ability to meet payment deadlines.
The average credit score ranges from 680-717 in North America.
There are several ways to improve a credit score, including making timely payments, keeping a low credit balance, and keep open credit accounts open to show a longer credit history.
Are you currently scouring the market for an apartment or condo to rent? If so, it’s likely crossed your mind if one type of dwelling is better than the other. The truth is that there’s no one correct answer for every tenant. It depends on your preferences, needs, lifestyle, and budget.
Since 2004, Inn From The Cold has been actively supporting those experiencing homelessness or are at risk of becoming homeless. In addition to providing housing, their daily drop-by program runs 7 days a week and includes meals, beverages, access to shower and laundry facilities, computers and Wi-Fi, as well as wellness checks.
Since April 2018, a standard lease agreement template was available from the Ontario government for landlords across the province. When complete, the standard lease creates a contract between the landlord and tenant. It is also called a residential tenancy agreement.
For one reason or the other, not all of us can start off our independent living situations as home owners. In fact, the majority of young Canadians become renters long before they buy their first houses or condos. Rooming with friends, family members and/or love interests are all part of the plan for most people leaving the nest. But the majority of first-time renters often get hit with a hard reality: finding a place to live isn’t as easy as it may seem! Here are four simple tips for finding yourself the perfect place to rent:
