What is a T776 Statement of Real Estate Rentals form?
The Statement of Real Estate Rentals is used for reporting your income and expenses from rental property. You can claim deductions from your gross rental income for current expenses you incur including utilities, insurance, property taxes and mortgage interest. If you make capital improvements to the property, such as renovations, this is added to the cost of the property for the purpose of determining your CCA claim. If you provide extra services to your residents like cleaning, security, and meals, then it will be considered business income instead of rental income. If that's the case, then use T2125 tax form.