cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Created with Sketch. Click here to learn more about upcoming webinars for ProFile.
Created with Sketch. Watch the recording of our ProFile eSignature Feature Demo.
tsekar352
Level 1

How to enter rental (inactive income) income in T2

how to enter rental income (inactive income) in T2

6 Comments 6
Tony-Dallaire
Level 6

How to enter rental (inactive income) income in T2

In S7Rental

tsekar352
Level 1

How to enter rental (inactive income) income in T2

Only in S7 or in S7 and in S125 (same information).
if I put in S7 only not calculate tax and do not show any retained earnings in S50
tax rate also different rate
Please give me details answer
thanks
tsekar352
Level 1

How to enter rental (inactive income) income in T2

Only in S7 or in S7 and in S125 (same information).
if I put in S7 only not calculate tax and do not show any retained earnings in S50
tax rate also different rate
Please give me details answer
thanks
ProFile Duncan
ProFile Team

How to enter rental (inactive income) income in T2

Schedule 7 only calculates active business income. So to record the income for tax purposes schedule 125 must be used.
FabTheOriginal
Moderator

How to enter rental (inactive income) income in T2

Hi thank you for using Intuit ProFile Community

Just to summarize:

Use schedule 125 to report the rental income

Use schedule 7  and s7rental to report the rental income for passive income purposes

Use schedule 8 to report CCA

For information on your specific scenario consult the CRA resourses

Hope this helps

FabTheOriginal
Moderator

How to enter rental (inactive income) income in T2

Hi thank you for using Intuit ProFile Community

Just to summarize:

Use schedule 125 to report the rental income

Use schedule 7  and s7rental to report the rental income for passive income purposes

Use schedule 8 to report CCA

For information on your specific scenario consult the CRA resources

Hope this helps