CRA Form T776 Statement of Real Estate Rentals
Report rental income and expenses from real estate you own on your Canadian income tax return.
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About T776
Form T776, Statement of Real Estate Rentals, is used to report gross rental income and eligible expenses from real property you own and rent out. It is filed with your T1 personal income tax return with the Canada Revenue Agency.
The form lets you deduct expenses such as property taxes, insurance, maintenance, utilities, and interest to arrive at your net rental income or loss. It also handles capital cost allowance on the building and shared ownership situations.
Individuals who earn rental income from residential or commercial property, including those who co-own property, complete a T776 to determine the amount that flows into their T1 return.
Who needs to complete it
- Individuals who own and rent out residential property
- Owners of commercial or mixed-use rental property
- Co-owners reporting their share of rental income
- People renting out part of their home or a secondary suite
- Landlords reporting a rental loss or profit for the year
How to fill out T776
- 1Enter your identification details and the address of the rental property.
- 2Indicate your percentage of ownership if the property is co-owned.
- 3Report the gross rental income received during the year.
- 4List and total your deductible rental expenses in the appropriate categories.
- 5Allocate expenses to your share if you co-own the property.
- 6Claim capital cost allowance on the building where you choose to do so.
- 7Calculate your net rental income or loss and carry the amount to your T1 return.
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Frequently asked questions
Who files a T776?
Individuals who earn rental income from real estate they own generally report it on Form T776 with their T1 return.
Can I deduct mortgage payments?
You cannot deduct the principal portion of mortgage payments, but you can generally deduct the interest and eligible carrying charges.
How is co-owned rental property reported?
Each co-owner reports their share of the gross income and expenses based on their ownership percentage on their own T776.
Should I claim capital cost allowance?
Claiming capital cost allowance is optional and can create or increase a rental loss in some cases. Consider the long-term tax effect before claiming it.