Hi all,

I rented out my cottage for the first time in the 2017 tax year.  I have two questions. 

1.  How much of my expenses can I claim.  All of the examples I see of rental income and expenses are when people are renting out a percentage of their home, therefore they can claim the percentage of the expenses based on the percentage of the home.  I am renting out my entire cottage, but not all the time.  Can I claim the amount of expenses based on how often the cottage was AVAILABLE to be rented?  i.e. I used the cottage about 12% of the year.  The rest of the time it was available.  Can I claim 88% of the expenses. 

2.  Is it ok for my expenses to be greater than my income?  Is there a limit to how much rental loss I can incur?

Thanks,

Wayne.