Hello. We previously had a rental business for several years. In 2023, we bought a rental property and added this to Turbo Tax. On the Easy Step view, there was no place to add the industry code. But when we looked at the Forms view, we see that the code from our first rental property, transferred to the new one. It is a different type of rental business and the industry code is incorrect. We can't seem to edit it in the Forms view and cannot even find a field for it in the Easy step view. We are guessing the code carried forward in our first rental business from a previous year of Turbo Tax. How or where can we edit this? Or is the industry code important?
The industry code 531111 is what is there on the actual CRA form, and can't be changed. If your new rental doesn't fit that industry code, then you may want to call the CRA to confirm whether you report it on the T776 or if you have to use a different form, like the T2125.
The industry code 531111 is what is there on the actual CRA form, and can't be changed. If your new rental doesn't fit that industry code, then you may want to call the CRA to confirm whether you report it on the T776 or if you have to use a different form, like the T2125.