Generate your CRA T776 tax package

Produce a Canada Revenue Agency T776 Statement of Real Estate Rentals for a property, or for your whole portfolio, for a calendar year.

Before you start

• The T776 tax pack is a Pro and up feature.
• Accuracy depends on your data being complete for the year: the rent payments you received, your operating expenses, and any major improvements you have logged.

Steps

1. Make sure the year's rent payments and expenses are recorded.
2. Open the tax pack for the property, or for the portfolio, and pick the tax year.
3. Review the statement and export the PDF for your records or your accountant.

What happens next

• Gross rent is the rent you actually received that year, with any refunds taken out, so refunded money is correctly left out of income.
• Operating expenses are grouped onto the matching T776 lines. Anything you marked as a major improvement is kept off the operating total and shown on the capital schedule instead.
• Any GST or HST on expenses is summarized for your input-tax-credit reference.
• Capital cost allowance (CCA) is optional, so line 9946 is shown before any CCA. If your account has the CCA engine turned on, you can decide how much to claim per pool, and the pack adds line 9936 (CCA claimed) with the net income after CCA below it. CCA figures are a preview pending review, and recapture on a sale is computed separately. Your accountant confirms what to claim.

Notes

• All amounts are exact, to the cent, in Canadian dollars.
• It is a statement to support your filing. It is tooling, not tax advice, and not a return.