This is my first year doing my taxes on my own. My accountant had always claimed mileage expenses. I have kept track of all my km for the year. Where/how do I enter the mileage used to check my rental property? Thanks!
Presumably you have filled out the T776 for Real Estate Rentals. You should have a small green box, bottom left on your page if you have the tax return open. If not, click on the forms icon either in the top menu or top right. This will give you the usual view of a tax return. Click on the little green box to find the T776. Once you have that, you will open it to find a line called "travel" and another one called "motor vehicle" Multiply the number of kilometers by your provincial business rate. You should not use the kilometer method, however, other than to prove how many kilometers out of the year was for business use. This per CRA:
"You can deduct motor vehicle expenses only when they are reasonable and you have receipts. You also have to keep records of the kilometres you drove for your rental properties and the total kilometres you drove in the year. You must also determine the total expenses paid for the vehicle in the year. For more information, see Keeping records."
There is great information here. Click on each expense for more details:Presumably you have filled out the T776 for Real Estate Rentals. You should have a small green box, bottom left on your page if you have the tax return open. If not, click on the forms icon either in the top menu or top right. This will give you the usual view of a tax return. Click on the little green box to find the T776. Once you have that, you will open it to find a line called "travel" and another one called "motor vehicle" Multiply the number of kilometers by your provincial business rate. You should not use the kilometer method, however, other than to prove how many kilometers out of the year was for business use. This per CRA:
"You can deduct motor vehicle expenses only when they are reasonable and you have receipts. You also have to keep records of the kilometres you drove for your rental properties and the total kilometres you drove in the year. You must also determine the total expenses paid for the vehicle in the year. For more information, see Keeping records."
There is great information here. Click on each expense for more details:schmude
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