Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!
Q: Can Steven choose not to stamp his tenancy agreement if he rents out an apartment? If there is no official stamped Tenancy Agreement, is he obliged to declare his rental income?
A: According to the Stamp Act 1949, all tenancy agreements have to be stamped. Even if the tenancy agreement is not stamped, as long as he is receiving rental income, he is supposed to declare the income for income tax purposes.
Wishing you plentiful tax savings!
YYC Tax Guru