Renting room primary residence

[Kai Wan]

Hi everyone,

I recently purchased a 2bed condo and want to rent out 2nd room for extra income. I’ve considered the personal/privacy implications and decided to go ahead, so pls no advice on that aspect. I am, however, in need of advice in terms of taxes.

I plan to rent out room at market rate on a 1 year lease. Bedroom will be unfurnished but rest of shared space will be furnished.

1. can I claim 50% of cost on furnishings and applicances? If I do, what if I stop renting after 1 year?
2. are there capital gains implications I need to consider 
3. Any other tax implications?

Thank you!!