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It would be more appropriate to report foreign rental income on T776. To do please follow below steps:
For Foreign Rental Property enter your Canadian home postal code for the property and your home province for the Province. In the Address, enter the foreign country address, including the equivalent of the postal code (such as a ZIP code for US addresses).
Note that the CRA's NETILFE/EFILE servers will accept only the first 30 characters of the address.
already posted
Thanks for your reply.
For many years I filed using T776 for my foreign rental property. However, after contacting the CRA they advised it was more appropriate to designate it as foreign income because if I use T776 I accrue RRSP credits which I should not get for foreign income.
I am now of the thought that perhaps it does not matter which way I report it. Foreign income or under rental property. Both ways seems to be acceptable to the CRA and it seems the resulting tax is the same.
Do you agree that either way is correct for CRA purposes or am I missing something here that may come back to bite me in the future?
Thanks Again
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