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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​

CRA-Aligned Categories​

CategoryDescriptionTax Line
AdvertisingListing fees, adsLine 8521
InsuranceProperty insuranceLine 8690
InterestMortgage interestLine 8710
Maintenance & RepairsRepairs, upkeepLine 8960
Management FeesProperty managementLine 8871
Office ExpensesSupplies, softwareLine 8810
Legal & ProfessionalLawyers, accountantsLine 8862
Property TaxesMunicipal taxesLine 9180
UtilitiesIf landlord paysLine 9200
OtherMiscellaneousLine 9270

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​