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In your example, the 1K depreciation would not be deductible (at least in Canada) You would be paying tax on $100k salary Your IP expenses and income cancel each other out.

In the example given, no mention was made of the rent that was collected. In Canada, we don't have negative gearing. All deductions are used to bring the income of the rental to zero. There are certain deductions, if not used, can be carried forward. It really is not the end of the...