How do I enter foreign rental income in TurboTax?

Note: All amounts entered into TurboTax should first be converted to Canadian dollars. The CRA will accept the Bank of Canada exchange rate in effect on the day you received the income.

1. From the menu, select Find and enter rental in the search field.
2. Select Rental properties from the results, then select Go.
3. Select Yes to Did you receive income from a rental property?
4. Proceed until the Real Estate Rentals Statement screen. Enter your information, then select Continue.
5. On the Rental Profile screen, select the checkbox for Rental Income and all other boxes applicable to your situation, then select Continue.
6. On the Real Estate Rentals Statement, provide all available information and ensure you've made the correct choice for Type of ownership. Then select Continue.
7. On the T776 Rental Income screen, enter as much of the foreign address as possible. Include a postal code equivalent (like a postal code for a US address) in one of the fields, but not the Postal Code field.
8. On the same screen, enter your home province and postal code in the Province and Postal code fields.
9. On the same screen, enter your gross rental income and other related income if any, then select Continue.
10. On the T776 Rental Expenses screens that follow, enter all applicable expense amounts, selecting Continue as you finish each screen.
11. On the Here's your capital cost allowance for your assets screen, if applicable, select Enter UCC Balances from Prior Year and complete the Tell us your unclaimed capital cost allowance for each applicable CCA class and after the last one, select Done With CCA.
12. On the Here's your capital cost allowance for your assets screen, if applicable, select Enter Additions/Dispositions in Current Year and complete the Tell us about Asset # for each addition and disposition. For more information about an addition that may be designated immediate expensing property (DIEP) see Designated immediate expensing property (DIEP). If applicable, enter any DIEP information requested by TurboTax. After the last addition/disposition, select Done With CCA, and then select Done, then select Done With Rental Income.
13. If you arrive at the Foreign Income Verification Statement (T1135) screen, provide the information requested about the property cost and reporting method, and complete the T1135 screen(s) that followOn the Rental Summary screen.
14. From the menu, select Find and enter foreign tax in the search field.
15. Select Foreign Tax Credit from the results, then select Go.
16. Select Yes to Do you want to determine how much you can recover?
17. On the Foreign Tax Credits screen, enter the name of the foreign country, then enter your amounts for Foreign real property income, Deductions from foreign real property income (if applicable), and Foreign tax paid on real property income.
18. When you’re finished, select Continue.
19. On the Foreign Taxes Summary screen, select Continue.
20. You’ve now entered your foreign rental income and claimed any applicable foreign tax credits.

Important: For the foreign rental income just entered into TurboTax, don’t enter the same foreign rental income again on a Foreign slip screen, as this will duplicate the amounts reported.

Note: All amounts entered into TurboTax should first be converted to Canadian dollars. The CRA accepts the Bank of Canada exchange rate in effect on the day you received the income.

1. From the menu, select Find and enter rental in the search field.
2. Select Rental property from the results, then select Go.
3. Select Yes to Did you receive income from a rental property?
4. Proceed until the Real Estate Rentals Statement #1 screen. Enter your information, then select Continue.
5. On the Rental Profile #1 screen, select the checkboxes for Rental Income and all other applicable boxes, then select Continue.
6. On the T776 Rental Income screen, enter as much of the foreign address as possible, including the postal code equivalent. However, enter your home province and postal code in the Province and Postal code fields.
7. On the same screen, enter your gross rental income, then select Continue.
8. Enter your rental expenses, then select Done With Expenses.
9. On the Multiple Rental Activities screen, select Yes if you need to enter another Real Estate Rentals Statement. Otherwise, select No.
10. On the Rental summary screen, select Done With Rental Income.
11. Switch to Forms mode by selecting Forms from the menu.
12. Select View from the toolbar, then select Find Form…
13. In the Keyword to search for field, enter FTC.
14. Select Foreign Tax Credits Worksheet, then OK.
15. In the Foreign Non-Business Income section, select the field for Real property income in the applicable column. Press F2 on your keyboard and select Yes in the pop-up window to override. Enter your net foreign rental income, then press Enter on your keyboard.
16. On the same screen but in the Foreign Non-Business Tax section, select the field for Real property income in the applicable column. Press F2 on your keyboard and select Yes in the pop-up window to override. Enter the amount of foreign tax paid on your rental income, then press Enter on your keyboard.
17. You’ve now entered your foreign rental income and claimed any applicable foreign tax credit(s).

Important: Completing these steps will require you to print and file your return, rather than NETFILE.