Please keep in mind the following information:
You need to determine whether the income you receive from renting out your property is considered a business or rental income. It depends on the number and types of services you provide to your tenants.
If you only provide basic services, such as heat, light, parking, and laundry facilities, then you are earning rental income from your property.
However, if you offer additional services like cleaning, security, and meals, you may be considered as carrying on a business. The more services you provide, the higher the likelihood that your rental operation is a business.
If you are operating a business from your rental income, you will need to upgrade to Self-Employed and complete the T2125. You should enter your name as the business name and your home address as the business address.
It's worth noting that if you receive T4 slip: box 81, 82 or 83, T4A slip: box 20 or 48, T4A slip: box 28 and answered "Yes" to the question "Does the income declared in Box 028 consist of fees collected for services you provided?" in TurboTax Online, or T3 slip: box 24 (foreign business income), the Canada Revenue Agency (CRA) will consider you self-employed.
When you are completing your return, does TurboTax prompt you to upgrade to Self-Employed, or is it giving you a choice?
Thank you for choosing TurboTax.
