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Level 1
posted Apr 19, 2024 4:48:23 PM

Entering or editing industry code for rental income

Hello. My husband previously had a rental property for several years. In 2023, we bought another rental property that that we are both co-owners of. When we added this in Turbo Tax, we see on the Forms view, that the industry code that was used for the other rental property my husband owns carried forward into the new rental property. It is not the correct code but we cannot find this field in the Easy View format and cannot edit it in the Forms view.  We are guessing this code was entered in a previous year of Turbo Tax. How or where can we change this?

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1 Replies
Level 5
Apr 29, 2024 8:49:16 AM

Hello @Glenjanr 

 

By default, industry code "531111" is entered on T776 form for Real Estate Rentals. This industry code cannot be changed for this type of income. 

 

Here is CRA website as reference: NAICS 2012 - 531111 - Lessors of residential buildings and dwellings (except social housing projects) - Canadian industry (statcan.gc.ca)

 

Thank you,

Magalie B.