Rental Income and Expenses — How to Complete the Impotax Excel File

Learn how to correctly complete the rental income and expenses Excel file for rental property owners. Explanatory article : https://impotax.org/en/advice/rental-... This video explains how to: • complete the general information about the property; • report gross rental income; • enter current and mixed-use expenses; • allocate expenses when the owner occupies part of the property; • distinguish a current expense from an acquisition or a lasting improvement; • report a change in use of the property; • review the provisional summary; • retain the required supporting documents. Enter the amounts in the yellow cells. For a mixed-use expense, enter the total amount paid in the “Amount” column and the rental-use percentage in the “Details / Calculation” column. If you occupy part of the property, shared expenses must be allocated using a reasonable method, such as the rented floor area as a percentage of the property’s total floor area. The result shown in the file remains provisional. Certain expenses, acquisitions, improvements, and special circumstances—including a change in use—may require adjustments or special tax treatment. To download the free Excel file or obtain more information: https://impotax.org/ To discover our other tax videos:    / @impotaxcpa   This video provides general information and is not a substitute for an assessment tailored to your specific situation. Tax rules may vary depending on the nature of your activities, the transactions carried out, and each business’s circumstances. Always confirm the applicable requirements with the Canada Revenue Agency and Revenu Québec.