Are School Taxes deductible? Nathan Carroll Shupilov Success Team Follow Unlike some Legal Fees and the Welcome Tax, School Taxes are immediate tax deductions for investment properties with with sole purpose of producing rental income. Example: If your investment condo makes $12,000 a year and you pay $1,200 a year in school taxes, you can deduct the $1,200 from your final NET income, bringing down your total taxable obligation to $10,800. Related articles What is a Canadian-Controlled Private Corporation (CCPC)? What is Capital Cost Allowance Recapture? What is a Operating Company (OpCo)? Comments 0 comments Please sign in to leave a comment.