The Government of PEI has amended the Rental of Residential Property Act regulations as it relates to Form 15- Landlord’s Statement of Income and Expenses. Pursuant to EC2023-159, effective March 4, 2023, landlords can no longer deduct mortgage principal as an expense on Line 6 and 7 of the Form 15, Landlord’s Statement of Income and Expenses.
What does this mean?
If your Application for a Greater Than Allowable Rent Increase (Form 12) was filed on or before 4:00PM on March 3, 2023, the new amendment does not apply to your application.
If you filed your Application after 4:00PM on March 3, 2023, the new regulation is in effect and you cannot include mortgage principal as an expense on the Form 15.