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Showing results for tags 'rental income'.
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When entering rental property income (T776), the software has a page "Rental Property Income and Expenses". There is a line to enter expenses "maintenance and repairs (related to the rental units)". However, in QC, you need to fill out the form TP-1086 which is generated from the UFile software by using the line "Labour Costs". I have an invoice from a contractor for work performed (current expense). Do I enter it only on the line "labour costs" or do I need to also enter as an expense "maintenance and repairs (related to the rental units)"? Optionally, should I enter the full invoice amount as an expense "maintenance and repairs (related to the rental units)" and fill out the labour costs (TP-1086 and claim 0 % of the portion)?
I have a rental property. For year 2017 I reported 12,000 as Net income from rental (line 21 on form T776) and this amount was reported in form T936, line 19. I paid taxes on this rental income. \ When today I opened my new 2018 year file, I see already CNIL 12,000 carried from last year as Total Federal Net CNIL Income at the end of 2017. Should I enter anything in Total Federal Net CNIL Expenses at the end of 2017 - maybe that tax which I paid on that rental income? If I will sell the property in 2019, should I add this CNIL Income 12,000 to the gain from selling the property (difference between selling price and initial price of the property)? Thanks.
I rented out my principal residence for a few months in 2015 while I was away for work reasons, so I'd like to make an election under paragraph 45(2) of the income tax act that the property use has not changed. The purpose is that the home remains my principal residence, I don't want to be charged capital gains tax, and I don't want to have to repay the outstanding amount in the Home Buyer's Plan right now. Does anybody know how to do that in Ufile? The rental income pages are pretty clear otherwise.
Hope someone can help me out, I can't find any advice anywhere online. I'm in a situation for a couple years where I need to rent out my house to tenants, and rent another house closer to work. I'm paying much more in rent than I'm earning from my tenants. Is there any way I can use this to my advantage on my return? I don't like the idea of paying income tax on rent if I'm already in the negative. Thanks in advance!