Rental income is income you earn from renting a property that you own or have use of. You can own the property by yourself or with someone else. Rental income includes income from renting:
- Houses
- Apartments
- Rooms
- Space in an office building
- Other real or movable property
For more information, visit Claiming Rental Income.
Note: Enter only deductible expenses that you weren't reimbursed for and haven't deducted elsewhere. If you rent out a part of the building that you live in, you can claim only the portion of your expenses that relates to the rented part of the building.
If you received a T5013 slip
- Select Find from the TurboTax menu and enter T5013.
- Select T5013 Partnership Income from the list and then select Go.
- At T5013 - Summary select Enter new T5013.
- Enter the information from the T5013 into the TurboTax T5013 form, including at a minimum:
- Box 001 and Box RZ, the Filer's account number
- Box 005, your partnership share %
- Box 110, Rental Income
- Select Done with T5013.
If you didn't receive a T5013 slip
You need to prepare a separate rental statement for each rental property you have. Canadian and/or foreign rental income and expenses are reported in the same section of TurboTax Online.
- Select Find from the TurboTax menu and enter rental.
- Select Rental properties (or Rental property, depending on your TurboTax edition) from the list and then select Go.
- At Rental Property, did you receive income from a rental property? select Yes.
- At Rental Summary, select Enter New Rental Income.
- At Rental Profile, select the applicable boxes, then select Continue.
- If your interest in the rental property is either co-ownership or partnership without a T5013 slip, check the box for Details of Other Owners*.
- Complete the Real Estate Rentals Statement, then select Continue.
- If you ticked the Details of Other Owners box in step 5, at T776 Partner Details Statement, provide the details for the other(s), then select Continue.
- At T776 Rental Income, enter property particulars and gross income, then select Continue.
- At T776 Rental Expenses, enter the expense amounts, selecting Continue after completing each screen.
- If at step 5 additional boxes were checked, you will be guided through entering the required information for each category. You will eventually arrive at the Rental Summary.
- At Rental Summary, review the information and:
- If there is another rental property, select Enter New Rental Income and refer to the instruction at step 5.
- If the summary is complete and correct, select Done with Rental Income.
