Tax implications of a leasing property?

MDMJim

26 Nov 2011 at 00:19 · Viewed 1461 times

I am looking into taking over a business my father has been running for a couple of years. People pay to camp and fish on his lake. I would like to start a business in my own name and lease the property from him, as although he will have no practical input into the business any-more he would like to earn something from the lake and property still. If we were to do this, what would be the tax implications for him? If I choose to set the business up under a structure whereby I deduct expenses, will it be a deductible expense Should we expect large one-off/annual notaire’s fees?

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