Question 1

What rental expenses are tax deductible?

Accepted Answer

The general rule in both Canada and the US is that ordinary, necessary costs of earning rental income are deductible in the year you pay them. That covers repairs and maintenance, insurance, property tax, mortgage interest, property management, legal and professional fees, cleaning, supplies, advertising, and travel connected to the rental.

Question 2

How do I export my numbers for the T776?

Accepted Answer

Open Reports, set the date range to the tax year, and download either the financial summary PDF or the CSV. With your country set to Canada, the PDF is headed for the T776, Statement of Real Estate Rentals, and breaks income and costs down property by property.

Question 3

How do I export my numbers for Schedule E?

Accepted Answer

Open Reports, set the date range to the tax year, and download the financial summary PDF or the CSV. With your country set to the United States, the PDF is headed for Schedule E, Supplemental Income and Loss, and it breaks the year down property by property, which is how Schedule E itself is laid out.

Question 4

Does ProperLease calculate depreciation or CCA?

Accepted Answer

No. ProperLease organizes rental income and operating expenses. It does not calculate depreciation in the US or capital cost allowance in Canada, and the year-end report does not include either.

Question 5

When should I close out the month?

Accepted Answer

In the first few days of the new month, while last month is still fresh. ProperLease puts a close-out card on the dashboard with one row per occupied lease, and you work down it confirming each one is settled. For most small landlords the whole job is about ninety seconds.

Taxes and bookkeeping

What rental expenses are tax deductible?

How do I export my numbers for the T776?

How do I export my numbers for Schedule E?

Does ProperLease calculate depreciation or CCA?

When should I close out the month?

Run your rentals with absolute clarity