Rental income - Separation in the year
During the tax year, you separated from your spouse and you were
renting the part of the building that you occupied.
As a result, you must complete two (2) rental income
sections (forms) for this property, the first rental
income as owner occupying part of the building for the period you
lived in a dwelling, and a second rental income as
a 100% rental property.
1. On the "Left-side menu on the Interview tab", select
the heading "Rental property income".
2. Under the subheading "Identification" fill out the
page "T776 - Rental property identification" Indicating
the date "Beginning of fiscal period of your rental
property" and by indicating the date on which you left
your place of residence in that building "Fiscal year-end of
your rental property".
3. Do not forget to indicate in the line, "Percentage (%) of
personal use of your rental property".
4. On the page "Rental property income and expenses", on
the line, "Tick if this is the final year of operations",
check the box even if it is not true.
5. Enter the income and expenses for this period only.
6. You need to create a second T776, go back to the
"Left-side menu on the Interview tab" and select the
"Rental property income" again.
7. On the page "T776 - Rental property identification" on
the line "Beginning of fiscal period of your rental
property", indicate the date when the building was purely a
rental property.
8. Always on this page, in the line "Percentage (%) of
personal use of your rental property" leave the line blank or
enter 0%.
9. On the page "Rental property income and expenses", do
not forget to tick the box "Tick if this is the final year of
operations" and enter the income and expenses for this period
only.
The program will generate two (2) federal T776
forms and, for residents of Quebec,
two TP-128 forms.
In addition, gross and net income will be shown on
lines 12599 and 12600 of the
federal return respectively and, for residents of Quebec, gross and
net income on lines 168 and 136.
ID: 20200831140157NA.xml
Webpage: KPA320-20200831140157NA.htm
