Line 126 - Rental income

Generally, you report rental income payable to you in 1999. You have to include with your paper return a statement showing your rental income and expenses for the year. You can use Form T776, Statement of Real Estate Rentals, to help you calculate your net rental income.

Enter your gross rental income on line 160 and your net rental income or loss on line 126. If you have a loss, show the amount in brackets. If you were a member of a rental partnership, you should also include any amount in box 20 of your T5013 slip, or that the partnership allocated to you in its financial statements.

The guide called Rental Income contains Form T776 and more information about rental activities.

If you have a tax shelter, see "Tax shelters" on page 12.