Owner Responsibilities While Turn Key Property Management is managing your property, there are four areas in which you as the homeowner are responsible. MONTHLY FEES These are generally paid by direct debit from your bank account to the property management. If you are setting this up for the first time we will provide assistance if required. PROPERTY TAXES We highly recommend that you apply for the Pre-Authorized Tax Payment (PTP) Program through the City of Toronto so that your payments are automatically withdrawn from your accounts. We recommend that you go with the 11 months installment plan to help with cashflow. LANDLORD INSURANCE This is separate from the insurance that is paid to the Condo Corporation through your maintenance fees. This covers you for loss of rent, liability and other assorted claims. It is inexpensive (generally around $20 per month). You will be able to take advantage of our group rate discount if you are on our fully managed services. PERSONAL INCOME TAXES All rental income is taxable. All expenses including our fees are tax deductible. You only pay tax on your NET income. For any tax related questions please consult with your accountant directly.
Landlord Guidebook - 9
