Rental income reported properly, with expenses classified correctly and every property accounted for.
Calgary-based, serving clients across Alberta. Online filing available.
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Rental income is reported on a T776 statement for each property. The details matter, particularly how expenses are classified and how a sale is reported.
Each rental property is reported on its own T776 schedule, charged on top of your personal return. The per-property price falls as you add properties.
Pricing varies based on complexity and required schedules. See the full price list for every service and schedule.
Let us know how many rentals you have, whether any were bought or sold this year, and how ownership is split.
Provide rent received and expense records for each property, along with purchase or sale documents where relevant.
We build a statement for each property, classify expenses correctly and prepare your personal return around them.
You review the numbers, we explain anything that needs it, then we e-file once you approve.
Common deductible expenses include mortgage interest, property taxes, insurance, utilities you pay, condo fees, advertising, property management, and repairs and maintenance. Note that mortgage principal is not deductible, only the interest portion.
A current expense keeps the property in its existing condition, such as repainting or fixing a leak, and is deducted in the year you pay it. A capital expense improves the property or extends its life, such as a new roof or a renovation, and is added to the property's cost rather than deducted immediately. Getting this classification right is one of the most common issues on rental returns.
Claiming CCA reduces your rental income now but can create recapture when you sell, and it can affect the principal residence exemption in some situations. It is a decision worth making deliberately rather than by default, and we will go through the trade-off with you.
Rental income and expenses are generally split between co-owners according to their ownership share, and each owner reports their portion on their own return. We prepare both returns together so the split is consistent.
A sale is reported as a disposition, which may produce a capital gain and, if you previously claimed CCA, recapture of that amount. We need the purchase documents, the sale documents and details of any capital improvements made along the way.
Yes. Renting a basement suite or a room is still rental income, with expenses apportioned between the rented portion and your personal use, usually by floor area. We calculate the split for you.
A rental loss is reported on your return and can generally be applied against your other income, provided the rental is a genuine income-earning operation. We will confirm how the loss applies in your situation.
Yes. We can prepare the outstanding years or adjust returns already filed. Coming forward voluntarily is generally a better position than waiting for the CRA to raise it, and we will talk you through the options.
Request a callback and we will confirm what your properties need, or call us to speak to someone directly.
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