When looking at that form, I assume you are trying to fill out Section 5. It says "Gross Income" so that's what you'll enter. I'd memo that entry with the net income as well so it's easy to find should CRA come calling.
However, there's the whole question of reporting the income from said property. The best I can find is to put it on the T776 (converting everything to CAD). I quote from Maroof HS CPA (2020):
- File Statement of Real Estate Rentals with your Individual income tax and benefits return (T1) listing down all the rental income from foreign properties.
- You are entitled to deductions as provided in the ITA to arrive at the Net Rental Income.
- Claim foreign tax credits against the taxes paid to foreign countries. If you are using an accounting software your T776 will automatically help you calculating foreign tax credits.
The only bit of this information that throws me is figuring out how to persuade the T776 to link with foreign tax credits. You'd have to phone Profile and ask them about same, as this firm uses a different software.
Hope this helps.
Jo
