Tax on rental income question (Canada)
I'm trying to understand the tax rate/amount that gets applied with rental income. For example, I'm looking at purchasing a property that will have cash flows of ~$21k (NNN lease) per month and mortgage will be ~$18k per month. Just for simplicity, let's assume it's a 50/50 split between interest and principal. Will I get taxed on ~11k per month? If so, does anyone know what the tax rate is on investment/rental income? I know it won't qualify as active income.
Are you a resident or non resident?
I'm a Canadian citizen and also I should specify that I'm in Ontario. Also I didn't state above but property would be purchased under a corp.
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