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. Answer the initial Personal info interview questions if you haven't already. This unlocks 2024 tax return.
2. From 2024 tax return, under Add to your return, enter Rental and select Rental Properties.
3. At Rental Profile, select the checkbox for Rental Income and all other boxes applicable to your situation, then continue.
4. At Real Estate Rentals Statement, enter all available information and ensure you've made the correct choice for Type of ownership, and continue.
5. At T776 Rental Income enter:
   • As much of the foreign address as you can. Include a postal code equivalent (like a Postal code for a US address) in one of the fields, but not the Postal Code field.
   • Your home province and postal code in the Province and Postal code fields.
   • The gross rental income. Then enter other related income, if any, then continue.
6. If you checked other rental profile boxes, enter the required info for those items as they appear. 
7. When all rental items have been completed, select Done With Rental Income.
8. If you arrive at Foreign Income Verification Statement (T1135), provide the information requested about the property cost and reporting method, and complete the T1135 screen(s) that follow.
9. From 2024 tax return, enter foreign tax in the search field and select Foreign Tax Credit.
10. At Foreign Taxes, select Yes for Do you want to determine how much you can recover?
11. At Foreign Tax Credits screen, enter the name of the foreign country, then enter your amounts for Foreign real property income. Then enter your amounts for Deductions from foreign real property income (if applicable), and Foreign tax paid on real property income, then continue.
12. At Foreign Taxes Summary, select Continue.
13. 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. Then select Rental property from the results, then select Go.
2. At Did you receive income from a rental property? select Yes.
3. Continue on until reaching Real Estate Rentals Statement #1. Enter your information, then select Continue.
4. At Rental Profile #1, select the checkboxes for Rental Income and all other applicable boxes, then select Continue.
5. At T776 Rental Income:
   • Enter as much of the foreign address as you can. Make sure you include the postal code equivalent. However, enter your home province and postal code in the Province and Postal code fields.
   • Enter your gross rental income, then select Continue.
6. Enter your rental expenses if applicable, then select Done With Expenses.
7. At Multiple Rental Activities, select Yes if you need to enter another Real Estate Rentals Statement. Otherwise, select No.
8. At Rental summary, select Done With Rental Income.
9. Switch to Forms mode by selecting Forms from the menu.
10. Select the Forms button from the bottom, then select Form Lookup.
11. In the Keyword to search for field, enter FTC.
12. Select Foreign Tax Credits Worksheet, then OK.
    • In the Foreign Non-Business Income section, select the field for Real property income in the applicable column. Enter your net foreign rental income, then press Enter on your keyboard.
    • In the Foreign Non-Business Tax section, select the field for Real property income in the applicable column. Enter the amount of foreign tax paid on your rental income, then press Enter on your keyboard.

You’ve now entered your foreign rental income.