Rental Income Tax Returns Services for Toronto & GTA Business Owners
Unlike some other income sources, which offer different forms for filing, there is no special form for declaring rental income; instead, you report it by filing the T776 form— commonly known as the T776 Rental Income Filing. At Beta Taxes, our service of Rental Income Tax Returns ensures that all deductions are claimed, and your CCA is determined accurately.
- Filing of T776 for all the properties owned by you
- Claiming of all allowable deductions
- Taking into account future sale while determining CCA
- Regardless of the number of properties owned
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Affordable Rental Income Tax Returns Services in Ontario
T776 Rental Income tax filing is much more than just the reporting of your rent income and your clearly visible expenses. There are mortgage interest, property management expenses, repairs, insurance and utilities that need to be taken into consideration while filing. Not having all of these included in your filing will result in an overpayment when filing T776 Rental Income tax.
You can now take advantage of our flat rate service for filing T776 Rental Income for your rental properties in Toronto and Greater Toronto Area (GTA).
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Why Accurate Rental Income Tax Returns Matter
Rental Income Tax Returns Services
Preparation and Filing of T776
- Complete Statement of Real Estate Rentals for each rental property
- Statement of gross rent received and net rent received or lost
- To be filed along with your T1 forms in one complete tax filing
- Help on splitting rental income if there is co-ownership of properties
Analysis of Deductible Expenses
- Analysis of mortgage interest, taxes, and insurance costs
- Differentiation of repairs and maintenance from capital improvements
- Cost of managing property and advertising cost
- Splitting home office cost if landlord manages his/her property
CCA Claim Planning
- Analysis whether it makes sense for you to make a CCA claim
- Correct class of CCA for building and any capital improvement
- Future capital gain considerations for making CCA claims
- Documenting to support CCA claim
Multi-Property & Portfolio Filing
- Coordinated T776 filing for multiple rental properties
- Treatment of expenses in a consistent manner
- Portfolio-wide evaluation of the entire tax position of your rental properties
- One team handling all your property filings
Short-Term Rental & Airbnb Reporting
- Advice about licensing that impacts the deductibility of your expenses
- Classification of your income from rental and business activities
- T2125 filing in case of service-intensive rental instead of T776
- Evidence that you meet the requirements of the bylaws
Rental Property Sale Planning & Co-ordination
- Calculation of capital gain and CCA recapture on the sale
- Co-ordination with principal residence on your sale
- Tracking adjusted cost base until the time of sale
- Planning before sale rather than reporting after
Why Choose Beta Taxes for Rental Income Tax Returns?
Discovery
We know your properties, the nature of your ownership, and your record-keeping situation.
Evaluation
We analyze your rental income and expense information to determine all possible deductions for you.
Strategy Session
We complete your T776, and integrate it with your overall T1 filing process.
Ongoing Support
We file the information correctly, and are there for any queries regarding CCA, sales, or other new properties.
Serving Rental Income Tax Returns Services Across Ontario & Canada
No matter where your business is located, our remote-based process for budgeting and financial forecasting ensures that you have the same structured and CPA reviewed process whether you are a growing start-up, a multi-branch company or even an organisation expanding beyond Ontario.
Insights Relevant to Rental Income Tax Returns Services
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Industries We Serve With Rental Income Tax Returns Services
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Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
Expert Tax Advice for Truckers & Small Businesses
I had a great experience with at Beta Taxes CPA. He explained a complex CRA trucking issue in very simple terms and helped me understand the risks and the right way to move forward. Very knowledgeable, patient, and practical. If you are a trucker or small business owner looking for clear tax advice, I highly recommend Beta Taxes.
Sarang Vaid
Stress-Free Business Tax & CRA Compliance
Beta Taxes CPA provided excellent support for our business tax and CRA compliance needs. Their team is knowledgeable, proactive, and very responsive. They explained CRA requirements clearly, identified tax-saving opportunities, and handled filings accurately and on time. The entire process was smooth and stress-free. We highly recommend Beta Taxes CPA for reliable business tax and CRA support.
Pargat Sandhu
Expert Guidance for Canadian Home Sale Tax Matters
Alex has been so amazing! I sold my home shortly after moving to the UK on a temporary visa and it was so stressful navigating the Canadian tax system. Even from afar – across the world, Alex took his time walking me through what I need to do, advised me on next steps, and how he can help me through calls on Whatsapp and email. I received the letter I needed from him to proceed with the closing of my Canadian home sale. Thank you so much to Alex and the team for your guidance and help! I appreciate it so very much 😊.
Carmen Mach
FAQ’s
Frequently Asked Questions
What expenses can I deduct against my rental income?
The mortgage interest (but not the mortgage amount itself), property taxes, insurance, repairs and maintenance, property management costs, advertising costs, and some of your home office costs if you self-manage. Your individual circumstances will dictate what expenses apply to your rental property.
Is it better to use CCA for my rental property?
It depends on your particular situation. While CCA reduces your tax liability currently, it reduces your property's adjusted cost base, which means you will have a higher capital gain when you sell it. We help determine whether the trade-off is right for you.
If I'm renting part of my home, do I need to file a T776?
If you're renting a part of your home, you will have to fill out a T776 to report your rental income and the related expenses.
I co-own a rental property – will we file a T776 individually?
Your rental income and expenses are apportioned according to the percentage of ownership, and you each report your share on an individual T776.
Is there any difference between short-term and long-term rental income?
There may be – if your short-term rental is provided together with hotel-type services, like cleaning and providing food, CRA may treat this income as business income and require reporting on a T2125. You also have to consider municipal licensing requirements when claiming deductions for short-term rentals.
How does tax come into play when I'm selling my rental property?
In most cases, there is a capital gain involved, as well as CCA recapture, depending on whether CCA has been claimed in the past and to what extent on your rental property relative to its adjusted cost base. Tax planning for your sale of the rental property is essential.
Are you able to help me if I have multiple rental properties?
Yes, we take care of ensuring that all your T776S are filed correctly for each of your rental properties, thus providing you with a single point of contact for your multiple properties.
What paperwork do I need to file my rental property?
Rental slips, receipts for expenses incurred, mortgage statements showing the interest expense you had, as well as papers regarding capital improvements and repairs.
Can you make amendments to past years' filings for my rental income tax return?
Yes, we can go back to see whether any missed deductions should be claimed in your past years' tax filings according to the time limit set by the CRA.
How much will it cost me to file my rental income tax return?
It depends on the number of rental properties that you have. Once we are aware of your portfolio, we give you an upfront quote.
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