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Found 9 results

  1. i just sold my rental property where do I enter the details on my tax documents. All my regular yearly information is already filled in making of the "Last year of operation" button. i just can't seem to find where to input the proceeds from sale, legal and realtor expenses. can anyone help please
  2. Hello - in 2005 I purchased a condo. I lived there until 2010. I then began to rent this condo (I moved elsewhere). I sold this condo in 2018. How can I claim the sale of this condo in 2018 but pay only the capital gains associated with the period during which it was not my primary residence (late 2010 through late 2018)?
  3. During the sale of a rental property some expenses such as sales commissions, legal fees, and bank fees are generally incurred. While I have seen some documentation suggesting that these can be applied against the selling price to reduce the capital gains, I am curious whether the option to instead apply them against the annual income from the property also exists? These were, after all, expenses incurred as a result of running the rental property business. I am only looking for information on whether there is a strict requirement to apply these costs against either the sales price or against the rental income? Is there a law that directs where these must be applied, or is the choice optional?
  4. 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)?
  5. Hi, My husband and i SOLD our rental property in April 2017. It had been his primary residence since he bought it in 1993, until we rented it in 2013. We had a bank assessment done in 2013. My questions is: - In the "Real estate, depreciable property, and other properties" on the "Real estate, depreciable property, and other properties" line, do we list the 2013 assessment value, or the ACB value + capital costs over the years? I believe it is the Assessment value (value when it became a rental unit) but I can't find info for sure. Thank you
  6. I just started renting out a house last year and wonder about claiming the following: 1. Internet: we provide internet service for the renters. Utility? Other? 2. Light bulbs, batteries for smoke detector, etc. Maintenance and repair? 3. I know I can't claim my own labour but can I claim the materials I use to repair or maintain eg. paint, tape for painting, brushes? anything consumed in the job? 4. There is a deduction for gardening. Can I claim the fertilizer? Leaf bags? You can tell I'm new to this.
  7. Hi, I rent out a house and last year I had an issue with my former tenants. Long story short they still owe $2,000 for rent. I have taken them to court this year and won but have yet to collect the rent. So my question is how do I handle this on my 2014 taxes? Do I just not claim the income but still claim the expenses incurred for that month or is there a way to actually claim a loss of income? Related to this, when I go to file my 2015 taxes, if I have been able to recover some or all of this from them, how do I go about claiming that? Thanks in advance.
  8. I have a tricky question regarding tax reporting of rental properties. I'll lay out the situation and then post my questions. Husband and wife live in Property #1. Property #1 has a basement suite that is rented our. Only the husband is on title. In June 2012 we moved to a new house (Property #2) but kept Property #1 and began renting out the upstairs as well as the basement In November of 2012, wife was put on title of Property #1 (still isn't on the title of Property #2). My questions: 1.) How do I enter this into uFile? Do I create separate rental properties all with the same address, and designate the time period that it's effective for and change the data based on that? Or do I just use one and do the calculations myself (for half the year we claim %50 of mortgage insurance, utilities, etc., but for the other half of the year, it will be %100). 2.) How do I enter my income splitting with my wife into uFile? Do I create a rental property on her tax return, and set her ownership level to %50 and use the same data? 3.) When does her being on title make us eligible for income splitting? Is it only for November onward, and if so, how do I factor THAT into my uFile taxes?? I'm at a bit of a loss on how to mix all this up in uFile. Any advice is appreciated! Thanks.
  9. Having trouble locating where I put down that the rental property was a principle residence...form t2091 doesn't exist. Is there somewhere on the capital gains form to make that designation? Thanks
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