Rental Income Tax Preparation in Toronto & Scarborough

What we prepare

Rental income reporting and Form T776

If you personally own a rental condo, house or basement apartment, rental reporting may form part of your T1 personal tax return. We review your income, ownership details and expenses and prepare Form T776, Statement of Real Estate Rentals, where appropriate.

Organize your expenses

Rental property tax deductions in Canada

Reasonable expenses incurred to earn rental income may be deductible, subject to the applicable rules. We review your records to distinguish rental costs, personal costs and capital expenditures.

• Eligible interest and financing-related costs
• Property taxes and rental insurance
• Repairs, maintenance and property management fees
• Utilities you pay under the rental arrangement
• Eligible accounting and other professional fees

Repairs versus capital improvements

A repair and an improvement can receive different tax treatment. Keep itemized invoices describing the work. A large renovation should not automatically be treated as an expense deductible in full in the same year.

Renting out part of your home

Tell us which areas are rented, the rental period and how the rest of the home is used. Shared expenses need an appropriate allocation between rental and personal use.

Reference: CRA guidance on rental expenses.

Capital cost allowance and property-sale reporting

Should you claim capital cost allowance?

Capital cost allowance (CCA) may apply to depreciable rental assets. A CCA claim is a choice with limitations and possible future consequences. We review the circumstances and explain the treatment before including a claim.

Capital gains on real estate

If you sold a property or changed how it is used, provide the purchase and sale documents, improvement records and previous CCA schedules. We review whether capital gains, business-income treatment, CCA recapture or change-of-use rules need consideration.

Reference: CRA guidance on rental-property CCA.

Before we begin

Your rental income tax document checklist

Contact us for secure document-sharing instructions before sending sensitive tax records. Your initial enquiry only needs a brief description of your situation.

A clear quote and a straightforward filing process

1. Tell us about your properties. Share the tax year, number of properties and whether you bought, sold or changed their use.
2. We review the records and quote. Your fee depends on the work required. Rental reporting can increase the cost of a basic personal return. Extra work is agreed before it begins.
3. Review, approve and file. We explain the prepared return and obtain your authorization before submission.

Need help organizing transactions first? Ask about bookkeeping support as a separately quoted service.

Questions landlords ask

Can you prepare my tax return with rental income?

Yes. We prepare personal tax returns with rental income and review the rental schedules that apply. Tell us about ownership and personal use when requesting your quote.

Do you help with rental property deductions?

Yes. We review your income and expense records and identify deductions supported by your circumstances and documents.

Can I file my rental income tax return online?

Yes. Ask about our remote tax filing process, including secure document sharing and return review. Remote service is available across Canada except Quebec.

How much does rental property tax preparation cost?

We quote after reviewing the number of properties, record completeness, ownership and any purchases, sales or changes of use. We explain the scope and fee before work begins.