Do you send your tenants annual receipts

[Nir]

Hi,

Do you mail all your tenants annual rent receipts say every January?
OR
Do you only send to those who ask for/need it?

THANKS.

 

[Emil1753]

I only write receipts to those tenants that request it from me.








QUOTE (investmart @ Dec 5 2009, 12:41 PM) Hi,

Do you mail all your tenants annual rent receipts say every January?
OR
Do you only send to those who ask for/need it?

THANKS.

 

[brentdavies]

Have not sent out any annual rental receipts since the end of the Alberta rental rebate tax credit over 15 years ago.

 

[invst4profit]

All my tenants receive tax receipts.

 

[Ready4Rent]

QUOTE (invst4profit @ Dec 6 2009, 09:24 AM) All my tenants receive tax receipts.

Yes, each year, each tenant gets a receipt.

 

[Thomas Beyer]

QUOTE (investmart @ Dec 5 2009, 10:41 AM) Do you mail all your tenants annual rent receipts say every January?
receipts for what ?

It is commonly NOT DONE .. WHY ??

 

[Nir]

QUOTE (ThomasBeyer @ Dec 6 2009, 01:16 PM) receipts for what ?

It is commonly NOT DONE .. WHY ??

well I`m glad I asked then. based on the responses so far (too small of a sample size though), around 50% of the investors DO send them.
Thomas, I think you just saved a tree or 2

 

[invst4profit]

I send receipts because it was done by previous owners of my property and many tenants expect it.
I don`t send holiday gifts so I guess I can consider it a New Years gift.
Points for me.

 

[holymoly]

I don`t. (I only have one rental property.) In Ontario, LTB says this about receipts:Does a landlord have to give rent receipts?

Yes, if a tenant asks for them. The Act requires a landlord to provide rent receipts, free of charge, to a tenant when the tenant asks for them. A tenant can ask for a receipt for any payment or deposit the tenant gives to the landlord, including a payment for rent arrears. It is an offence for a landlord to fail to provide a rent receipt when one is requested by a tenant.

This rule also applies to a former tenant – The landlord must provide a former tenant with receipts if they request it, as long as the former tenant makes their request within one year of the date they moved out.
What information must be provided in a receipt?

A rent receipt must include at least the following information:

* the address of the rental unit;
* the name of the tenant(s) to whom the receipt applies;
* the amount and date for each payment received for any rent, rent deposit, arrears of rent, or any other amount paid to the landlord and shall set out what the payment was for;
* the name of the landlord; and
* the signature of the landlord or the landlord’s agent.

 

[LukasWywrot]

I send them to people who request them.

Some students receive credits for housing during the school term and require a receipt to show they have spent the money on housing.

 

[Nir]

QUOTE (holymoly @ Dec 7 2009, 08:44 AM) I don`t. (I only have one rental property.) In Ontario, LTB says this about receipts:Does a landlord have to give rent receipts?

Yes, if a tenant asks for them. The Act requires a landlord to provide rent receipts, free of charge, to a tenant when the tenant asks for them. A tenant can ask for a receipt for any payment or deposit the tenant gives to the landlord, including a payment for rent arrears. It is an offence for a landlord to fail to provide a rent receipt when one is requested by a tenant.

This rule also applies to a former tenant – The landlord must provide a former tenant with receipts if they request it, as long as the former tenant makes their request within one year of the date they moved out.
What information must be provided in a receipt?

A rent receipt must include at least the following information:

* the address of the rental unit;
* the name of the tenant(s) to whom the receipt applies;
* the amount and date for each payment received for any rent, rent deposit, arrears of rent, or any other amount paid to the landlord and shall set out what the payment was for;
* the name of the landlord; and
* the signature of the landlord or the landlord’s agent.

THANKS HOLYMOLY!

 

[TroyTravis]

In the description above copied from LTB, it says the receipt must have the amount and date for each payment received, which makes me believe that a separate receipt is needed for each payment. So usually 12 a year. I was going to give one with a total for the whole year but my tenant said that she wanted 12 separate ones, I thought it was a waste of time filling them all out but it appears that she is correct. How are people getting away with giving just one for the total amount at the end of the year?

 

[Thomas Beyer]

Just do it .. on request. Easily done one a computer with Excel or Word. Cut and paste, paste, paste .. 12 times and 12 changes to one word, namely the month. If it takes more than 2 minutes you need to upgrade your computer skills as those are essentials for real estate investors.

 

[JoshOttawa]

I've had rent receipts requested frequently during tax time in Ontario. I have a simple letter format which has all the applicable information on it, including a table which has amount of rent and the date received each month, as well as the total for the year. Saves all that copy pasting and sending of individual receipts for each month. Unless requested specifically in paper, I digitally sign the letter, pdf, and email it to the tenants. No complaints so far.



Josh

 

[BlaineBradley]

Yes, but monthly.



REIN suggests that we operate like a business. You get receipts from Safeway and the liquor store, so why not from landlords?