Reporting foreign rental income on T776 and automatic transfer to foreign income and tax workcharts

PC55 · ‎April 22, 2021

I have seen on taxprep when completing the T776 there is an area which you can identify it as a foreign property and it will automatically transfer the information to the foreign income and tax workcharts, has anyone seen something similar in Profile.

janisbossenberry · ‎April 22, 2021

I used to use TaxPrep and no, there is nothing similar in ProFile. You complete the T776 like normal (put the foreign address but the Canadian postal code), and if you have foreign tax credits to claim on that rental income you complete form FTC. In the 2nd and 3rd sections of that form there are input lines for Income and foreign tax "not linked with this form". You also have to manually enter the information on the T1135, if applicable - record the Canadian cost of the property and the GROSS rental income earned.