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Apr 9, 2024 · Download Forms and Applications for Annual Property Tax, Homeowner Grant, Property Tax Deferment, Refunds, Address Change, Release, Consent.
- Property Tax Notice
Publication date: September 7, 2023. Your property tax...
- Property Tax Notice
Sep 7, 2023 · Publication date: September 7, 2023. Your property tax notice is a bill for some services that are available. The amount you pay depends on the: Property location. Property classification. Property assessed value. Cost of services.
- Overview
- Part 1 – Identification
- Part 2 – Details of other co-owners and partners
- Part 3 – Income
- Part 4 – Expenses
- Area A – Calculation of capital cost (CCA) claim
- Forms and publications
- Related links
- Footnotes
If you received income from renting real estate or other real property, you have to file a statement of income and expenses. On your statement of income and expenses, report the rental income you earned in the calendar year (from January 1 to December 31).
Form T776 will help you calculate your rental income and expenses for income tax purposes. Even though we accept other types of financial statements, we encourage you to use Form T776.
To calculate your rental income or loss as well as your capital cost allowance (CCA), complete the areas of the form that apply to you.
For more information on how to fill out Form T776, go to Guide T4036, Rental Income.
Fiscal period
In the "from" area, enter the year, month, and day your rental operation began, if this is the first year of operation. Otherwise, enter January 1 of the current year. In the "to" area, you only need to enter the current tax year, since all rental properties have a December 31 year-end.
Was this the final year of your rental operation?
If this is the last year of your rental operation, please tick the Yes box.
Tax shelter identification number
If you have a tax shelter, enter your tax shelter identification number (8-digit number found on your T5013 slip) on the proper line.
Fill in this part if you are a co-owner or a partner in a partnership.
You can receive rental income in the form of:
•cash or cheques
•kind (goods or commodities instead of cash)
•services
On Form T776, list the addresses of your rental property and the number of units you rented.
Report the rental income in the "Income" section of Form T776 in the following order:
Rental expenses
You can deduct any reasonable expenses you incur to earn rental income. For information on which rental expenses you can and cannot deduct, go to Rental expenses you can deduct.
Line 9949 – Total for personal portion
If you rent part of the building where you live, you can claim the amount of your expenses that relate to the rented area of the building. You have to divide the expenses that relate to the whole property between your personal part and the rented area. You can split the expenses using square metres or the number of rooms you are renting in the building. For example, if you rent 4 rooms of your 10-room house, you can deduct: 100% of the expenses that relate only to the rented rooms, such as repairs and maintenance of the rooms, plus 40% (4 out of 10 rooms) of the expenses that relate to the whole building, such as taxes and insurance If you rent rooms in your home to a lodger or roommate, you can claim all of the expenses for the part you are renting. You can also claim a portion of the expenses for the rooms in your home that you are not renting and that both you and your lodger or roommate use. You can use actors such as availability for use or the number of persons sharing the room to calculate the allowable expenses. You can also calculate these amounts by estimating the percentage of time the lodger or roommate spends in these rooms (for example, the kitchen and living room). Fill in “Part 4 – Expenses” on Form T776 as follows: enter the full amount of each expense under “Total expenses” enter the part of each expense that was for personal use under “Personal portion” add up the amounts in each column and enter the result for “Total Expenses” on amount A, and enter the “Personal portion” on line 9949 subtract the personal portion total from the total expenses to get your total deductible expense. Enter this result on amount 4 If you are a co-owner or partner in a partnership, enter the personal portion of the expenses for all co-owners or partners on this line.
Note
You cannot claim the expenses for renting part of your property if you have no reasonable expectation of making a profit. For more information on renting part of your personal residence, go to Changing part of your principal residence to a rental or business property or vice versa.
To find out how to fill in Area A, go to How to complete the capital cost allowance (CCA) charts.
If you have acquired or disposed of buildings or equipment during your fiscal period, fill in the applicable Area B, Area C, Area D, Area E or Area F, whichever applies, before completing Area A.
•Form RC1, Request for a business number and certain program accounts
•Form T5004, Claim for Tax Shelter Loss or Deduction
•Slip T5003, Statement of Tax Shelter Information
•Information Circular IC89-4, Tax Shelter Reporting
•T1 Income Tax Package
•Income Tax Folio S3-F4-C1, General Discussion of Capital Cost Allowance
•Business number registration
•Fiscal period
•Ownership
•Tax shelter
•Lines 12599 and 12600 – Rental incomeFootnote 1 Footnote 2
•Capital cost allowance (CCA) for rental property
Footnote 1
Line 12599 was line 160 before tax year 2019.
Return to footnote1 Referrer
Footnote 2
Line 12600 was line 126 before tax year 2019.
Return to footnote2 Referrer
Feb 19, 2024 · You can electronically file your 2017, 2018, 2019, 2020, 2021, 2022, and 2023 initial T1 personal income tax and benefit return using NETFILE and you can file your amended T1 return for 2020, 2021, 2022 and 2023 using ReFILE.
Apr 22, 2024 · How do I fill out form T776? Filling out form T776 involves documenting your rental income and expenses for the CRA. Begin by gathering all relevant financial documents, such as rental income receipts and expense invoices, or your rental property accounting records.
Jan 25, 2024 · The only tax checklist you need. Get organized and tackle your taxes like a pro. This tax checklist tells you everything you need to file your 2023 return on time and accurately. Download Checklist.
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How does a property qualify to be a principal residence? Designating a principal residence. When to designate your principal residence. When to use Forms T1255 and T2091. Disposing of your principal residence. You may have to report the gain on the sale (actual or deemed) of a home using Form T2091, or complete Form T1255.
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