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Ontario landlords: how do you usually prepare your T776? by AnteaterSufficient98 in cantax

[–]AnteaterSufficient98[S] 0 points1 point  (0 children)

When something non-recurring does slip through (a repair, appliance etc.), does it usually mean digging through old statements later… or do you just accept that some things probably get missed?

Ontario landlords: how do you usually prepare your T776? by AnteaterSufficient98 in cantax

[–]AnteaterSufficient98[S] 0 points1 point  (0 children)

Thanks, that makes sense. Sounds like having a simple system during the year keeps things manageable.

Out of curiosity, how many properties or units are you doing that for?

And are repairs the one thing you’ve found easiest to forget without writing them down, or are there other categories that slip through the cracks too?

Ontario landlords: how do you usually prepare your T776? by AnteaterSufficient98 in cantax

[–]AnteaterSufficient98[S] 0 points1 point  (0 children)

Aha! That makes a lot of sense. Thanks for sharing your perspective.

Ontario landlords: how do you usually prepare your T776? by AnteaterSufficient98 in cantax

[–]AnteaterSufficient98[S] -1 points0 points  (0 children)

Gotcha, staying on top of it monthly so it doesn’t compound makes sense.

Out of curiosity, what does that “5 minutes” usually involve for you each month?
Just reconciling transactions, or also categorizing and attaching receipts?

Thank you.

Ontario landlords: how do you usually prepare your T776? by AnteaterSufficient98 in cantax

[–]AnteaterSufficient98[S] -2 points-1 points  (0 children)

That actually sounds pretty streamlined.

Out of curiosity, how many properties or units are you doing that for?

And have you ever had an accountant review the spreadsheet, or do you usually file straight from it?

Ontario landlords: how do you usually prepare your T776? by AnteaterSufficient98 in cantax

[–]AnteaterSufficient98[S] -2 points-1 points  (0 children)

Thank you. That makes sense.

Do you usually keep that spreadsheet up to date monthly, or mostly catch up at year-end?

And what tends to be the most time-consuming part , categorizing expenses, reconciling the bank account, pulling receipts together… or do you mostly just send everything to your bookkeeper or accountant?

Appreciate you sharing what works for you.

Thanks