NLIC.org

Kurt Said:

Looking for Cottage Insurance that covers it as a Seasonal a Rental Property?

We Answered:

You have two issues to solve here. First, you need insurance on a property that is vacant for up to nine months per year. Second, you don't live in the same country as the property.

An insurance company will not typically issue a Landlord Protection policy on a property that is going to be vacant for more than 30 days. The risk is too high on vacant properties as they are targets for vandalism.

The non-country issue is not as big a deal, but can make it harder to get things done.

My recommendation is to find a rental property management company in that area, and ask them how they deal with this issue. They may be in contact with a company that insures these types of risks. I would start there.

I wish I could offer more, but I'm not licensed in Canada, and I'm not fully informed of their guidelines. I imagine that someone insures these risks, so just ask people who are in a similar position to yours.

Good luck!

Beatrice Said:

can I claim the mortgage interest in my tax return?

We Answered:

It all depends, are you renting some or all of the house. If you are renting some or all you can claim part of the amount you are renting out (20%, 30%, 50% or 100%) you get the idea.
As for the car if you have more than one rental unit in more than one location you could claim a part of the expenses on the car. You may want to check out the site below it should answer all your questions.