Manage rental income in Pro Tax

Rental income can be either income from property or income from business. Income from rental operations is usually income from property.

Use the T776 form only if you have rental income from property. If you are unsure whether the rental income is from property or income from business, consult an accountant.

Rental Statement for T1 in Pro Tax

To report rental income and expenses, use the CRA’s T776 – Statement of Real Estate Rentals. Fill out a separate T776 for each property if you own more than one. The totals from these forms go to Line 12600 on your T1 General return.

The T776 includes its own forms, like the asset and CCA forms. To add assets for the T776 – Rental Income, open the T776 Asset form.

Open a rental income statement in Pro Tax

1. Open the return in Pro Tax.
2. Select Add New Form. The search window displays.
3. Enter the term “rental” or the form number (for example, “T776”) in the search field. The “Statement of Rentals” result will display.
4. Select Add. The “Statement of Rentals” option populates in the list of forms.
5. Select Insert forms.

Open a second rental income form for multiple properties

1. Select T776 from the Forms list.
2. Select Add new. The second rental income form is added.

Delete a rental statement

1. Select T776 from the Forms list.
2. Select the "trashcan" icon next to the statement to be deleted. The rental statement deletes.

Note: If a rental statement form is deleted, Pro Tax deletes all the related forms in the same set. Pro Tax automatically selects to print any of the business statement forms that are used.