Rental property tax · T776
Rental Income & Property Tax Reporting
Arsen Accounting Services helps Canadian property owners prepare rental income and expense reporting and assess the reporting needed when a property is sold or its use changes. Tell us how the property was used, who owns it and whether the owner’s residency changed during the year.
Request a quote →What to gatherCanadian tax services · Based in Ontario · Remote tax preparation
Tax preparation with Elena Arsen, CPA, CMA · Arsen Accounting Services
Preparation fees
T1 with one rental property from $450; each additional rental is $100.
CAD, plus HST. Business and rental fees assume completed, reconciled bookkeeping. Final scope and fee are confirmed before work begins.
View pricing and conditions →Rental income and expense records
Form T776 is commonly used to report real estate rental income and expenses for an individual’s return. We review rental revenue, ownership shares and supporting expense records. Personal use, capital improvements and different types of costs can require different treatment; the amount paid is not automatically the deductible amount.
A sale or change of use needs additional information
Provide the original purchase documents, improvement costs and sale closing statement where applicable. If the property was your home for all or part of the ownership period, details of occupancy and use help assess principal residence reporting. A principal residence exemption should not be treated as a reason to omit discussion of the sale.
Different ownership situations need different filings
Corporate ownership, non-resident ownership, short-term rentals and properties outside Canada can introduce other reporting requirements. We confirm whether those matters fit the engagement and what additional records are needed. For non-resident owners of Canadian rentals, section 216 and withholding matters require separate attention.
Renting property while working for yourself?
Bring separate summaries for your rental property and business. Flag shared costs, personal use and any purchase or sale.
Prepare business and rental records →CRA guidance
General information only. Requirements depend on the facts and the tax year. Service scope is confirmed before engagement.
Common questions
Before you get started
Can I deduct the full mortgage payment?
Mortgage principal is not a rental expense deduction. Interest may be deductible when the applicable requirements are met, so separate principal and interest and explain how borrowed funds were used.
Should I mention a sale even if the property was my home?
Yes. Provide the sale details and ownership/use history so the reporting and any available principal residence exemption can be assessed.
Get in touch
Let's discuss your tax needs.
Tell us the tax years, province and filing needs. Prepare a short quote inquiry or contact us directly to discuss availability and scope.
Email: elena@arsenaccounting.com
Phone: (647) 297-4126
Before you send
Please provide a brief description of the assistance you need. Do not email SINs, passwords, banking details or sensitive tax documents in your initial inquiry. We'll discuss an appropriate secure method of sharing documents if we proceed.
Information on this website is general and is not individualized tax advice. Engagements are subject to acceptance, agreed scope and applicable terms.