Level 1

How to enter rental (inactive income) income in T2

how to enter rental income (inactive income) in T2

Level 6
Level 1

Tax Return Preparation

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
Level 1

Tax Return Preparation

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 Team

Tax Return Preparation

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

Tax Return Preparation

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

Moderator

Tax Return Preparation

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