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I have a foreign property that generates income but has a negative net income (with interest expenses being incurred in Canada and in the foreign country). Initially, I completed both a T776, and the Foreign Property Income statement under the T1135 interview setup. Since I have other Canadian rental properties, the addition of the T776 triggered a NetFile error -- I had a total of 6 T776s but Ufile said I couldn't efile because of a rule that "more than 6" business statements have to paper file. So, I deleted the T776 and kept the T1135 and the accompanying Foreign rental income sheet. I was able to properly record the income and net loss on the Foreign Rental Income form. But, when the system calculates things properly, I am getting an error that says: "You entered information regarding foreign rental income without entering an amount for the net income." The message below the error suggests that the same amount must be entered on the Foreign Rental Income form in the "Gross amount of foreign business income" and "Net Foreign Business income or loss". When I submit the report this way, the error goes away but the income and loss are not reflected as either income or an offset to the income from my Canadian rental properties. More importantly, it looks like Ufile is doubling the loss when I do this -- which seems pointless since it isn't even using that loss for any purpose. Not sure what to do to correct this?
(New edited version--the FAQ I previously quoted is not relevant because I have a T5 and reported my US dividend income there). My problem only concerns the T1135 page. I'm asked to report my US income there but there's no box for currency conversion. Do I use the US value or convert to CAD?