How to enter rental (inactive income) income in T2

tsekar352 · ‎June 02, 2020

how to enter rental income (inactive income) in T2

Tony-Dallaire · ‎June 02, 2020

In S7Rental

tsekar352 · ‎June 02, 2020

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 · ‎June 02, 2020

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 · ‎June 02, 2020

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

FabTheOriginal · ‎June 09, 2020

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 · ‎June 09, 2020