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Manage rental income in Pro Tax

by Intuit Updated 5 months ago

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

The CRA form for rental income is the T776 – Statement of Real Estate Rentals. Use this form to enter rental income and expenses; use a separate form for each property if you have multiple rental properties. The income for loss from these forms flow to Line 12600 of the T1 General return.

The T776 has its own set of forms such as the asset and CCA forms. For example, to enter assets for the T776 – Rental Income you will have to 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 at the bottom of the left-side menu bar. 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 displays.
  4. Select the Add button next to “Statement of Rentals”. The “Statement of Rentals” option populates in the list of forms.
  5. Select the Insert forms button.

Open a second rental income form for multiple properties

  1. Click T776 from the Forms list.
  2. Click 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 for printing any of the business statement forms that are used.

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