The end of the year is right around the corner… Of course, this means that taxes, the preparation of renewal notices, the listing of your vacant units, and RL-31 slips are almost here as well. Do you have the right tools to accomplish all these tasks?
We have compiled a list of the 4 most important tasks, in our opinion, to help you end the year in style.
Remember that you can deduct from your tax return the costs of renovations, improvements, maintenance, and repairs you paid for your properties.
2- Preparing Renewal Notices
The renewal notice must clearly indicate the changes to the lease, whether it is the price of rent or other conditions of the lease, such as its length or the tenant’s right to use certain services. The notice must also state the deadline for the tenant to refuse the proposed modifications, which is one month after the date they received the notice. The notice must be signed and dated by you, the landlord, or your mandated representative. If you use Word, you will have to change the names and the rents of every notice and print them as you go. This task can become arduous, especially if you have a lot of tenants. Software like Proprio Expert allows you to prepare all your renewal notices thanks to editable templates. With this simple and efficient method, you can easily send your notices via email.
3- Listing Your Vacant Units
When you list your vacant units, remember that you are, in a way, selling a product, so you need to put all its advantages and qualities forward.
Be sure to mention the construction year, the neighbourhood where it is located, the proximity of services, such as parks, schools, grocery stores, public transportation, etc. If you want to reach students, you should strongly consider mentioning the distance to the university/college/school. If you want to reach another specific clientele, it is crucial to put forward the criteria they look for. You will most likely list your units on Kijiji, LesPacs, Facebook, etc., but you should know that, with Magex Technologies’s software, Proprio Expert, you can list them on Kangalou, which will increase your visibility on the rental market.
4- RL-31 Slips
The last time you had to fill the RL-4 slip for a unit’s property tax was in 2010. To the delight of some and the dismay of others, it is back under a new name: the RL-31 slip.
Why did it change? After the budget of March 2015, a change was needed with this rental tax credit. From now on, to receive the tax credit for the unit’s occupancy, the individual (in this case, the tenant) will have to prove their home address.
What do you need to do? Income property owners need to fill out a new form and deliver it to the Agence de revenu du Québec. They must also give a copy to each tenant or sub-tenant.
When do you need to do it? This slip must be delivered on the last day of February, at the latest.
What tool can you use? You can fill the form out directly on the Revenu Québec website or on a management and accounting platform like Proprio Expert. What is the difference? With Proprio Expert, it is quick and easy!