All I can find is the following, but it is for USA.
Generally, each of you would report your proportional share of the rent income and rent expenses on your individual income tax returns.
However, a written agreement may have a different % allocation [ownership basis is not affected] if one co-tenant owner does not wish to actively participate in the selection of tenants and managing the property. A written agreement is also helpful if ever audited.
Although individual state laws may differ, as far as your federal return goes, the rent could be shared in varying proportions calculated to produce the maximum tax advantage for each owner, especially if one owner is a higher rate taxpayer and the other a non- or basic rate taxpayer.
In the states, one co-owner can freely adjust the rental income percentage for tax purposes, without it affecting ownership basis. As long as consent is to be had with all the owners. I assume this
Just wondering if it works the same in Canada Ontario? Thanks.
What about capital gain when the property is sold. Is the capital gain always calculated 50/50 in a joint tenancy?