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Expense tracking

Tracking expenses helps you understand your rental property profitability and prepares you for tax time.

Why track expenses?​

  1. Tax Deductions - Many expenses are tax deductible
  2. Profitability - Understand your actual returns
  3. AGI Applications - Some expenses qualify for Above Guideline Increases
  4. Business Planning - Make informed decisions

Adding an expense​

Step 1: Navigate to financials​

  1. Click Financials in the sidebar
  2. Click Add Expense

Step 2: Enter expense details​

FieldRequiredDescription
DateYesWhen expense occurred
PropertyYesWhich property
CategoryYesType of expense
AmountYesExpense amount
DescriptionRecommendedWhat was purchased/paid
VendorNoWho you paid
ReferenceNoInvoice/receipt number

Step 3: Attach receipt (optional)​

Upload a photo or PDF of the receipt.

Step 4: Save​

Click Add Expense to save.

Expense categories​

Selectable categories​

These are the actual selectable categories and where each lands on your T776:

CategoryTax Line
Maintenance & RepairsLine 8960
UtilitiesLine 9200
InsuranceLine 8690
Property TaxLine 9180
Mortgage PaymentLine 8710 (interest portion — principal isn't deductible)
Property Management FeesLine 8871
HOA/Condo FeesLine 9270 (Other)
Capital Expenditure (AGI)Handled separately under CCA, not a T776 expense line
Admin/OfficeLine 9270 (Other)
OtherLine 9270

There's no separate "Advertising" or "Legal & Professional" category to pick from — the T776 generator has line mappings ready for both (8521 and 8760 respectively) for future use, but neither is a selectable expense category today.

Capital expenses​

Some expenses are capital (depreciated over time):

  • Major renovations
  • Appliance purchases
  • Significant improvements

These are tracked separately for CCA (Capital Cost Allowance).

Recurring expenses​

For regular expenses like mortgage interest:

  1. Create one expense entry
  2. Check Recurring
  3. Set frequency (monthly, quarterly, yearly)
  4. System creates future entries automatically

Viewing expenses​

Expense list​

  • Go to Financials → Expenses
  • View all expenses
  • Filter by property, category, date

By property​

  • Go to property detail page
  • View Expenses section
  • Shows only that property's expenses

Editing and deleting​

Edit an expense​

  1. Find the expense
  2. Click Edit
  3. Make changes
  4. Save

Delete an expense​

  1. Find the expense
  2. Click Delete
  3. Confirm
warning

Deleting expenses affects financial reports. Consider correcting rather than deleting.

Linking to maintenance​

When resolving a maintenance ticket:

  1. Enter the cost on the ticket
  2. Optionally create linked expense
  3. Expense auto-populated with details

Receipt management​

Uploading receipts​

  • Attach to expense entry
  • Photo or PDF
  • Multiple receipts per expense OK

Organizing receipts​

  • All receipts stored in cloud
  • Accessible from expense detail
  • Exportable for accountant

Best practices​

  1. Record immediately - Enter expenses as they occur
  2. Attach receipts - Always upload documentation
  3. Categorize correctly - Use proper CRA categories
  4. Review monthly - Catch any missed expenses
  5. Export for tax time - Give accountant clean data

Next steps​