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Rental Income Tax Guide from CRA (Canada Revenue Agency)
- Do you have rental income or business income?
Determine whether your rental income is from property or business income.
- Expenses you can deduct
List of expenses that are deductible and how to claim them.
- Rental losses
What is a rental loss, what to do when you incur a rental loss, and how does it affect you other income?
- Keeping records
Information on records you need to support your rental income and expenses, including motor vehicle records.
- Selling your rental property
What happens when you sell a rental property.
Are you a sole owner, co-owner, or a member of a partnership?
- Completing Form T776, Statement or Real Estate Rentals
Details on how to complete Form T776
- GST/HST new residential rental property rebate
Find out if you can apply for this rebate.
- Current expenses or capital expenses?
What is the difference between a current and a capital expense and how do you report them.
- Capital cost allowance (CCA) for rental property
What is CCA, how much can be claimed, classes of depreciable properties, how to complete the charts on Form T776, Statement of Real Estate Rentals.
- Principal residence and other real estate
What is a principal residence, how you designate a property as such, and what happens when you sell it.
- Accounting methods
Description of both the accrual and cash methods of accounting.