Where to claim mortgage interest

1. Open your TurboTax online return. At the top of the page, there is a "Find" icon.
2. Click "Find" and type Rental Summary in the search bar. Press Go.
3. Select "Enter New Rental Income". This will take you to the Real Estate Rentals Statement page.
4. Fill out the appropriate information and press Continue.
5. On the Rental Profile page, select Rental Expenses, and press Continue. 
6. Now you should be on the T776 Rental Expenses page. This page is where you will enter your rental expenses, including the mortgage interest amount.
7. Select Continue, and fill out any other relevant information on the next few pages. The Continue button saves your entries. Press Done.

For more information, please see our TurboTax article:
Claiming Expenses on Rental Properties | 2022 TurboTax® Canada Tips (intuit.ca)

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Mortgages can be considered money loans that are specific to the property. If they are incurred for the purpose of earning income by renting property to tenants, the interest portion of the mortgage is deductible on line 8710 of the T776 Rental Income form. Only the interest portion of the mortgage is deductible, and the interest is only deductible in the original term of the loan. If a lump sum amount was paid to reduce the interest rate on a mortgage, only a pro-rated portion of that lump sum is deductible in the tax year it was paid.

Note that if you are renting out part of your principal residence, you are only eligible to claim a portion of the mortgage interest.

In order to claim the portion on TurboTax follow the steps listed below:

1)On the upper right of your screen, click on the find icon.

2) Search Rental Properties, and then click on Go.

3) After you do that, Did you receive income from a rental property? question will appear, click on "Yes"

4)After doing so, the Rental summary will appear to click on enter new rental income for "Your Name".

5) Enter all the details that are being asked and then press on continue. After doing so

 "

Rental Profile" appears. Make sure you select all appropriate boxes including Rental expenses. As you want to enter mortgage expenses. Then click on continue.

6) After you did that "

T776 Rental Expenses" will appear to enter your amount in the interest column. and click on continue. Hence you are done with entering the amounts.

 

for more information about mortgage payments, you can visit our "

Claiming Mortgage Interest on Your Tax Return".

On information for 

How do I enter my rental income and expenses in TurboTax? Visit Our TurboTax website.

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