T776 Form Explained: How to Report Rental Income & Expenses Correctly in Canada

Purchased a rental last year. I would CCA the purchase price? Where can i find the land value?

How can find land value what will be accepted by CRA or if they need proof of land value.

Hi. I sent you my question and paid the fee also. But you didn't respond.

I have my basement rented out of my principal residence. Can I claim property tax on it if I my taxes are deferred?

How can I contact you. I need to file my taxes with your help. Please provide your email . Thank you

Interesting video, thank you. Would be interested to hear more about Short Term Rentals. As we are hitting retirement we are considering renting out our vacation home(Cottage- only available during the summer months). It is our plan to manage the income etc under our existing business as we shift gears, I totally understand the HST implications but other than that is there a requirement to fill out the T776 as well as filing GST? Technically Short Term Rentals/Accommodations owners are not considered landlords (Rentals <30 days).

I just found your channel, thanks for informative video , please keep doing this

Can you just add the rental income to the spouse that makes less income on her day job? But not add it to the one that makes more?

Do you have a video on what to do when you sell a rental property at a loss?

I would love a video explaining how to fill T776 especially in cases of renovations happening and the building and condo fees !

Danish, thank you for the video. I have a pre-construction asset that is recently closed in December. I put the unit on the market, but unfortunately could not find tenant and hence no income in december, only expenses (legal, occupancy fee, interest, insurance, etc) wondering if im still eligible to only report expenses for rental loss?

Id like to see how you expense giving a tenant a discount on rent for providing a service on the property like snow removal or lawncare

Thank you for info. How to get in touch with you if I require your service.

Hi, I'm curious to know if you have info or a video made about Canadians who own rental properties in the Caribbean.

What will be CRA's tax obligations for rental income from a foreign country?
(including short-term rental)

Love your video!

Too Long Didn't Watch? Here's a summary:

► T776 Form: The T776 form is essential for reporting rental income and expenses to the CRA, ensuring accurate taxation for property owners.
► Taxable Income: Rental income, including rent and additional fees, must be reported as taxable income in Canada.
► Claimable Expenses: You can claim various rental expenses like mortgage interest, property taxes, and maintenance on the T776 form to reduce taxable income.
► Operating vs. Capital Expenses: Operating expenses are daily costs, while capital expenses improve property long-term and are depreciated over time.
► CCA Calculation: Calculating CCA involves determining the depreciable amount and applying the half-year rule in the first year to reduce taxable income.