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To enter the amount of foreign rental income, you will have two procedures to perform.

 

1- Produce a rental statement form by following these steps:

 

a - In the "QuikClik Navigator", located on the left-hand side of the screen, click on "Interview setup".

b - On the page appearing on the right, check the boxes for "Rental property income" and "Foreign income or foreign property" (to be used in the second procedure) and click "Next" at the bottom of the page.

c - In the "QuikClik Navigator", select "Rental Income". And, on the right-hand side, choose "T776 - Rental income property".

d - Once the information regarding the identification of the property has been entered, click "Next" at the bottom of this page and you will have access to the items "Income, expenses", "Labour costs", "CCA" and "Partners" in the "QuikClik Navigator". Then, complete the sections that related to your situation.

 

2- Enter your net rental income and foreign taxes paid in the foreign income section by following these steps:

 

a - In the "QuikClik Navigator", select "Foreign income and property" and on the page appearing on the right, select "Foreign rental income".

 

b - After entering the description, the country where the income was earned as well as the other information, enter the net rental income in the field "Foreign business income entered as business income". If applicable, enter the amount of foreign tax paid on this rental income.

 

The foreign tax credit will be reported by the program on line 405 of federal Schedule 1, as well as on line 90 of Quebec form TP-772, Foreign Tax Credit. Furthermore, the program will generate federal form T776, Statement of Real Estate Rentals, as well as Quebec form TP-128, Income and Expenses Respecting the Rental of Immovable Property.

 

Note that it will not be possible for you to transmit your Quebec return electronically via NetFile, because the address of the rental property is located outside of Canada. Therefore, you must print and submit your return by mail to Revenu Québec.

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