Tax deductions if maintenance exceeds rental income

[Nic Daigle]

Hello All,

I recently put new flooring in my townhouse before new tenants moved in. The cost of the new flooring was approximately $3,400. I'm also in need of a new roof. I have the cash to do it and would like to do it this year. However, the cost of the roof is approximately $4,000. After the mortgage, interest, insurance, taxes, etc. are paid my yearly rental income is approximately $6,000 per year ($500 per month). I'm wondering if I can realize a loss on the property (and potentially receive some type of tax credit?) or wait until 2022 to fix the roof.

Appreciate any advise or insight! :) 

ND