Renting out basement of primary residence

[Elaine Lee]

If we want to rent out a basement in our primary residence in Ontario Canada, what are the process or things we need to do/check? What are the pros/cons of renting out rooms from your primary residence?

[Roy Cleeves]

If you have shared space in your primary home then you can kick the tenant out anytime with short notice. 

If a separate unit then it is under the landlord and tenant board rules. 

The advantage is the cash flow  the disadvantage is having someone living in your home.  

As others have said, screen the tenants well. 

Good luck