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.
