Probably not. If I understand you correctly, you have Rental Property which you would like to report as Business Income and Employment Income (from a T4 likely).

• You do not report Rental Income as Self-Employment on a T2125 - Statement of Business Activities

• Your Rental Income should be reported on a T776 - Statement of Real Estate Rentals. If you have a loss on this statement already, (expenses exceeded income) you cannot use your CCA to create or increase this loss.
• If you do have a loss on the T776 that is not from CCA, this loss will carry over to the T1 General and be deducted from your Employment Income to arrive at Total Income.

What happens if your ex-bookkeeper screws up your books and your ex-accountant screws up your corporate tax return for the last 6 years? I’ll get audited because everything is now done right and I wonder if they we be held liable? Should I get my accountant to slightly move toward putting in the right numbers on my books and taxes so I don’t trigger a tax audit? Thanks