If you are a Canadian citizen and own residential rental property in the US, you are subject to U.S. income tax on rental income you receive from your U.S. real estate property. 1. As a property owner you are required to report any rental income if you rent the property more than 15 days a year. 2. Deductions that can reduce your rental income are repairs, insurance, interest paid, management fees and travel costs. 3. If you reside outside the U.S. on April 15, you get an automatic extension until June 15. If any tax is due it is due by April 15th.