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          • Income & Expenses Summary Template March 28, 2026

            Income & Expenses Template for Rental or Business Properties

            Tracking your rental income and business expenses throughout the year is essential for accurate Canadian tax filing. Whether you own a single-family rental in the GTA, a multi-family property, or operate a sole proprietorship, keeping organized records ensures you claim every eligible deduction on your T1 return and avoid costly errors.

            Our free Income & Expenses Summary spreadsheet is designed to help Canadian landlords and small business owners organize their finances on a month-by-month basis. The template covers all common CRA-recognized expense categories, including advertising, insurance, mortgage interest, property taxes, repairs and maintenance, utilities, legal and accounting fees, and more.

            What's Included in the Template

            This Excel spreadsheet includes a 12-month breakdown (January through December) with automatic totals for the following categories:

            • Rental or Business Income – Track rent collected or business revenue each month.
            • Advertising, Insurance, Interest & Bank Charges – Common deductible expenses for landlords.
            • Office Expenses, Legal & Accounting Fees – Professional services and administrative costs.
            • Repairs & Maintenance, Property Taxes, Utilities – Ongoing property-related costs.
            • Motor Vehicle Expenses & Mileage Calculator – Built-in CRA mileage rate calculation for property-related travel.
            • Capital Purchases – Track capital expenditures eligible for CCA (Capital Cost Allowance).
            • Net Income Summary – Automatically calculates your net rental or business income.

            Who Should Use This Template?

            This template is ideal for Canadian taxpayers who earn rental income or operate a small business, including:

            • Landlords with residential or commercial rental properties in Ontario and across Canada
            • Sole proprietors and self-employed individuals
            • Partnership members tracking their share of income and expenses
            • Real estate investors managing multiple properties

            How This Helps With Your Canadian Tax Return

            The CRA requires rental property owners to report income and expenses on Form T776 (Statement of Real Estate Rentals), while business owners report on Form T2125 (Statement of Business or Professional Activities). Having your records organized in this template makes it straightforward for your accountant to prepare these forms accurately and maximize your deductions.

            If you have questions about which expenses are deductible, HST implications on commercial rentals, or how to handle capital improvements versus repairs, our team at Real File CPA is here to help. We serve clients throughout the Greater Toronto Area, including Markham, Scarborough, Richmond Hill, and beyond.

            Download the template below and start organizing your rental or business income and expenses today. Once completed, upload it directly to the Real File CPA Client Portal for secure processing.

            Income and expenses tracking for rental properties

            Download the Income & Expenses Summary Template

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          • 2025 U.S. Personal Tax Filing Checklist March 28, 2026

            2025 U.S. Personal Tax Filing Checklist: What Canadian Residents Need to Know

            Filing U.S. personal taxes as a Canadian resident can be complex, especially when navigating cross-border tax obligations. Whether you are a U.S. citizen living in Canada, a green card holder in the Greater Toronto Area, or a Canadian with U.S.-source income, having a comprehensive tax checklist is essential to staying compliant with the IRS for the 2025 tax year.

            At Real File CPA, we specialize in U.S. and Canadian cross-border tax preparation.

            Who Needs to File a U.S. Personal Tax Return in 2025?

            You may need to file a U.S. tax return if you fall into any of the following categories:

            • U.S. citizens residing in Canada
            • U.S. green card holders living in Ontario or elsewhere in Canada
            • Canadian residents earning U.S. rental income, business income, or investment income
            • Individuals who sold U.S. real estate in 2024
            • Anyone subject to FIRPTA withholding

            Even if you owe no U.S. tax, you may still have filing obligations including FBAR (FinCEN 114), FATCA (Form 8938), and other international information returns.

            Key Documents for Your 2025 U.S. Tax Filing

            To ensure a smooth and accurate filing, gather the following documents before your appointment:

            • Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
            • Prior year U.S. and Canadian tax returns
            • W-2s, 1099s, and T4 slips for all income sources
            • Records of foreign bank accounts (for FBAR reporting)
            • U.S. and Canadian investment statements
            • Rental property income and expense records
            • Mortgage interest statements (Form 1098)
            • Records of any U.S. real estate transactions
            • RRSP and TFSA account statements
            • Details of any foreign tax credits claimed in Canada

            Download the 2025 U.S. Personal Tax Checklist

            We have prepared a detailed checklist to help you organize your documents before filing. Download it below or visit our website at Realfilecpa.com to access it directly.

            For security purposes, please upload all sensitive documents directly to the Real File CPA Client Portal rather than sending them by email.

            Income and expenses tracking for rental properties

            Download the 2025 U.S. Personal Tax Checklist

            Read Article

          • 2025 Tax Checklists – Personal and Corporate February 27, 2026

            2025 Personal and Corporate Tax Filing

            Our 2025 Canadian Tax Checklists are now available and are attached for your completion. They have also been posted on our website at Realfilecpa.com for your convenience.

            To ensure we have sufficient time to complete your filings accurately and on schedule, we kindly ask that you provide your completed checklist and supporting documentation as soon as possible.

            For security purposes, please upload all sensitive documents directly to the Real File CPA Client Portal rather than sending them by email.

            Please note that the 2025 U.S. tax checklist will be sent under separate cover, as there are important tax changes that require additional attention this year.


            Get the Personal Checklist

            Get the Corporate Checklist
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Blog Articles

Investing in US Real Estate?

What you need to know about the TCJA enactment.

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May Newsletter

Tariffs, tax breaks, and more. Curious how they affect you? Read Below.

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U.S. Real Estate Investing: The Short-Term Rental Tax Loophole

Looking to Reduce Your Tax Bill Through Real Estate? Learn how you can save more as an American rental property owner below. About The Short-Term Rental (STR) Tax Loophole is a powerful legal and IRS-recognized opportunity that savvy investors are using to significantly reduce their tax burden. The best part? This strategy does not require … Read more

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Leaving Canada? It’s Important to Know the Tax Consequences.

A Guide to the Tax Implications of Emigrating See below for details.

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Real File CPA Event Recap

Real File CPA Webinar/Seminar Recordings Check here to see a list of all event recap published by Real File CPA.

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Real File CPA Newsletters

Real File CPA Published Newsletters by Month Check below to see a list of all newsletters published Real File CPA.

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We offer Real Estate Accounting and Tax solutions to clients across Markham, Toronto, Mississauga, Brampton, Hamilton, Oshawa, Vaughan, Guelph, Kitchener, Waterloo, St. Catharines, Barrie, Ottawa, London, and Windsor, Canada.

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