Every T776 expense line, and what belongs on it
Form T776, Statement of Real Estate Rentals, is what individuals file with a T1 when they earn rental income. These are the lines, in the CRA’s own wording.
Income
Expenses
Three things landlords often file wrong
Condo fees
Commonly reported here rather than split across utilities and repairs.
Mortgage payments
Only the interest portion belongs on this line. Principal isn't an expense anywhere on the T776, and it isn't a capital addition either.
The appliance you replaced
Restoring what was there is a current expense. Improving beyond it is a capital addition, and depreciates instead of deducting.
Rentdocket uses these lines as its categories
Log receipts against these lines as you go, and by February the sheet is already filled in.
The other two free tools
Repair, or improvement?
Two questions about the work you had done, and where the answer lands: a current expense on line 8960, or a capital addition that depreciates instead.
Answer two questions CalculatorRental CCA, Class 1
The 4% declining balance, the half-year rule in your first year, and the cap that stops CCA from creating a loss. Plus what recapture means when you sell.
Run the numbersNothing on this page is tax advice. The figures shown are worked examples, for record-keeping. Verify amounts against your records and consult a qualified tax professional.