Assignment 5 – Preparing a tax return with rental income

Objective:

Learn how to claim rental income and expenses -Form T776
Study The Rental Guide

Instructions:

Please use the attached form for the rental information
Pay close attention on how you split the rental income and expenses

Documents for Assignment:

Husband
T4
Rental
Wife
T4

Additional Questions to Complete:

How much taxes would a home owner pay if their home is a principal residence and they don’t rent it out?
How much taxes would a home owner pay if their home is only for renting? Bought for 400k and sold for 500k.
When is fixing up your home considered maintenance and when is it considered an asset?
Which CCA categories do these assets belong? Furniture, Electrical work, Carpet.
What are the benefits and drawbacks of depreciating a rental home?

Google Rating

4.9

Solid Tax Inc.

4.9

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22:31 24 Aug 18

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19:37 29 Mar 18

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23:45 24 Jan 19

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15:52 05 Feb 19

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04:54 21 Mar 19

Very knowledgeable and professional. Matt was very friendly and really knows what he is doing, he spent time and shared his knowledge and experience and provided his guidance and recommendation, very helpful and knowledgeable, would definitely recommend.

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18:09 21 Mar 19

Great service. Jack was more the helpful to us. He answer all the questions we have. Thank you so much!

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18:20 02 Apr 19

Personable staff, straight forward process, and great price! Can't imagine using another service after this experience. Was out of there in 25 minutes and possibly asked Matt about the total cost 3 times because I couldn't believe how affordable it was...

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20:10 23 Apr 19

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00:01 29 May 19

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17:15 05 Nov 19

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22:15 11 Nov 19

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21:54 05 Dec 19

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22:00 13 Dec 19

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00:26 24 Jan 20

Great service! Jack has been very patient with me and ensured that I received every dime I was entitled to!

Trésor Academy

15:15 11 Feb 20

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18:41 12 Feb 20

Jack and his staff are super friendly and knowledgeable about taxes. We have been going to him for 3 years, and cannot say enough about the service he provides.

Steven Box

15:45 22 Feb 20

Jack is awesome very professional very clean environment. Tax are done fast. Thanks Jack see you in 2021

Shan Wang

15:44 07 Apr 20

Jack is amazing; very efficient, quick-witted and very helpful. My partner and I did our tax with him as first time customers and it was a very smooth process. Jack completed both of our taxes within the 30 minute allotted time, especially when ours was a bit more complicated. I highly recommend Solid Tax!

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14:04 24 Mar 20

Looking for a hassle free tax return this year? Look no further and give Jack a call for ALL your tax needs. Jack is my go to when it comes to my personal taxes each year, he is able to quickly and efficiently complete my tax returns, explain and answer my questions with patience (as I often have many questions), and most of all he is extremely personable. Thanks Jack for all your help!

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19:21 12 May 20

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18:39 28 Apr 20

Really good and quality service and very reasonable fee. Defiantly I will continue to file my company tax through Solid Tax and also I will highly recomand Solid Tax service to others.

Sanjee S

17:58 30 May 20

Best service and quickly done the tax. Also I did the business tax too. So helpful and provide the good checklist. Thank you so much.

Puer Æternus

15:33 05 Jun 20

We have been using Solid tax for several years. This will be our last year. Not so friendly and certainly not helpful this time around. I come to them for help w/ our taxes, Jack seemed very impatient and annoyed this year. A little courtesy and patience goes a long way. You are the one helping us w/ our tax challenges, it should not be a burden nor annoyance to you.

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16:15 10 Aug 20

After searching around Toronto and finding really expensive pricing for filing taxes. I decided to look at Ottawa. I came across Solid tax Inc and saw really great reviews for them so I booked my train ticket home and filed my taxes 2 years ago with them. They are very fast and really nice people I was in and out of the office in less then 20 mins. I still filed with them this year during the covid 19 pandemic buy email as their office was closed. It only costed me 35$ which you can't find prices like this anywhere these days 😊I will continue to file my taxes with them every year from now on.

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02:01 14 Dec 18

Jack was as expected, professional quick and very helpful! Best tax filing experience! I've got my new tax person! Highly recommended.

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22:18 23 Oct 20

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23:33 04 Mar 21

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02:31 19 May 21

Taxes made simple. Totally recommend Solid Tax to help you.

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15:02 29 Apr 21

Jack saved my life. I hated tax time and that blue booklet (back in the day), seemed so daunting. I am self employed so add that to my fear of number crunching. Jack makes it simple for me. I get him what he needs to do his job and he gets back in a very timely manner. He's polished and professional in his explanations and his work is efficient and thorough. It's what one would want out of an excellent accountant.

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16:22 28 Mar 21

This service was amazing. They responded immediately to my request for help and had everything completed and submitted in record time. Fast, efficient service, and they answered all my questions. Will definitely return to them next year and would highly recommend them .

Dave Gibson

20:54 16 Sep 21

for his age , he was very educated in the past tax years filing proceedores, which was why I went ot him . he did hours of paper work with out any mistakes an made my problem simple and finished . I tried countless income tax offices and was given prices that wher over 4 ,000 bucks , we finish at under a $100 SO i GAVE HIM A GOOD TIP

Vesna Lukic

19:30 24 Feb 22

I only post reviews for exceptional service! Very friendly, very intelligent and easy to understand. I have been filing with H&R Block for years but will switch now - recommend everyone to do they same.

Jared Napior

03:15 11 Feb 22

Great experience using Solid Tax to file my taxes. They were very quick to help with anything I needed, and I highly recommend this company.

Jason Gauthier

12:52 26 Jan 22

I have had the pleasure of Mr Jack Liu's vast experience and expertise to file my personal taxes and he has done so in a very expedient manner, always very kind and extremely welcoming to myself and clients new and old. Keep up the excellent work Jack!

David Kujawa

19:58 25 Jan 22

A+ Service. He helped out with my corporate taxes quickly and easily. I'll hire him again for my other business as well.

R Auger

21:56 29 Mar 22

Very satisfied on my tax return being filed at this location. The staff is very knowledgeable and all my questions and concerns were answered. I would recommend people to use this service. One thing I have to mention is that I used other tax services in the past and I always felt like I was being ripped off by the amount they were charging me. Solid Tax has great prices which will fit your budget. So for anyone looking to file their taxes at a great price with great service give this place a call,you will not be disappointed.

Kelly Jackson Z

15:58 05 Mar 22

Excellent service, cannot recommend them enough! Booking process was easy - done online with options for a phone call or in-person. Amanda Du was amazing. Affordable and seamless. In the past I’ve had terrible experiences/services with other tax places and regretted it with all the mistakes and lack of communication/follow up. I recommend Solid Tax to anyone!

Earl K

19:31 22 Mar 22

Again (as done in past years) Jack completed/finalized my families tax returns (5 total). This year was no different and once again, Solid Tax Inc came through and did a superior/outstanding job. Fast, efficient, thorough and a great price. Jack informed me of all my government tax credits (which I did not know) and included them in my the returns. Had I completed these returns myself, the family would have lost out on these benefits and these credits would have been a gain to the Government. Will I go back and see Solid Tax Inc next filing season...........ABSOLUTELY.

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14:28 14 Mar 22

Very good service at most reasonable fee. Very customer friendly with fast and convenient service. One year I did over the phone and this year in person and in both cases I was very satisfied.

Yuan Thompson

17:17 25 Apr 22

Solid tax is simply the best tax service in town! They helped us sort through a huge backlog of many years of missed tax filings and other tax issues in a matter of days! I love that they keep their clients on file, making annual tax filings super easy without us having to supply all the information year after year. Price is super reasonable too! Highly recommend!

Josiane mede

22:22 10 May 22

They are very professional and always efficient! I have done my taxes with them for years and I have always been satisfied with their services. They always respond pretty quickly to emails which I like! Will always come back . Thank you 😊

Azfar

21:51 26 Apr 22

Moses is the guy I dealt with, and he’s super friendly and knowledgeable. Was in no rush and was able to answer all the questions I had. Exceptional and efficient service, at a very affordable price. Thank you for helping out! I definitely recommend Solid Tax to anyone who needs to file their taxes!

Mr Leon

21:36 02 May 22

Top notch 10/10 service from Jack Liu at Solid Tax Inc. Super friendly environment and unreal pride in his work. I was behind on my taxes and Jack got me caught up, saving me money on penalties. Top quality work and would recommend to anyone. Was so happy to be referred to Jack by a friend. Delivered in a very timely manner, look forward to using Solid Tax Inc's service year after year.

Cheryl Paradowksi

17:25 26 Apr 22

We have had a great experience with Solid Tax over the past 3 years. Zi is so efficient, we can do it over the phone, and they help us maximize our return as a couple. And the fees are very affordable.

Isabelle

15:54 19 Feb 23

Highly recommending Solid Tax Inc. Thank you Matt for your work! And rapid and thorough processing of my taxes! When researching tax companies - already the website of Solid Tax Inc. is outstanding for professionalism and simplicity which encouraged my confidence in this company. This first impression confirmed through professional and rapid service, easy process and the price is right. Thanks again.

Kirandeep Singh

17:48 22 Feb 23

THE BEST Tax Filers in OTTAWA 💯 Called them over the phone first time N the representative Matt Zuo filed my Tax in just 25 minutes. OMG ! I must say Matt was so Welcoming, Professional, n guided me thoroughly thorough the whole process in a very courteous way. These guys have very reasonable prices N Best in Canada. Super Highly recommended for Tax Filing Canada. Much Appreciated 💯💯✌️✌️😇 Keep up the Good work Guys 👌

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20:54 27 Jan 23

Solid Tax...is a Solid way of filling for my business. Quick, efficient very cost effective and up to speed! I highly recommend them!

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14:01 03 Feb 23

Solid Tax have a phenomenal team of experts ready to get your tax done at an extremely reasonable price Highly suggest you go see Matt Or any of the experts there.

M Ricard

20:01 26 Mar 23

Solid Tax receives my highest possible recommendation. Tax preparation is not fun, but at least with Solid Tax, it is as easy as it can be. If you have one year or many years to file, Solid Tax can do it for you. We feel extremely fortunate to have found this company amongst the myriad of options in the tax return preparation market. Solid Tax took care of our multi-year, joint returns and did so in an extremely expeditious and cost effective manner (even during peak tax-filing time). Solid Tax supports "traditional" in person tax preparation processes and has also refined a 100% digital methodology (very efficient and trouble free). We've used both methods. We could not have found a better place to make preparing/filing our taxes 100% stress free!

Gigi A

19:36 05 Apr 23

I highly recommend Solid Tax to anybody. Zitian has been taking care of me and my family for the past several years, he is quick and efficient. Saves us the hassle of doing taxes and very affordable too!! This team is amazing!

Jag

16:02 03 Apr 23

Amazing service! They’ve been helping me with my taxes for the past two years and I love their service. The representatives are very knowledgeable and professional in the way they conduct their business. Highly recommended!

Ferraro Amona

18:31 11 May 23

I just wanted to write this review to express my sincere gratitude for the exceptional tax services that you have provided me with over the past eight years. As a loyal customer, I cannot express enough how grateful I am for the professionalism and expertise that your team has consistently demonstrated. I have always been impressed by the way your team handles my tax-related queries and concerns. Your timely and accurate assistance has given me peace of mind knowing that my taxes are in good hands. I would particularly like to thank the owner Jack and his employee Zi, who have always gone above and beyond to assist me with my tax-related matters. They have always been patient, courteous, and have demonstrated a deep understanding of tax laws and regulations. They have been instrumental in ensuring that my taxes are filed accurately and on time, and I cannot thank them enough. Overall, I am extremely happy with the quality of services that Solid Tax provides. Your team's expertise, professionalism, and commitment to customer satisfaction have earned my trust and loyalty. I would not hesitate to recommend your services to anyone who needs expert tax assistance. Thank you again for all that you do, and I look forward to continuing my business relationship with Solid Tax for years to come.

Jj Brown

17:33 26 Sep 23

Rude guy jack once he gained a lot of clients he became very rude. You can’t even talk to this guy. I don’t recommend them for nobody and all me and my family members will go elsewhere to do our taxes.

shahabahmed3

14:50 12 May 23

Very economical and professional service provided by Solid Tax for over five years to me and my family. Jack is a very knowledgeable consultant and takes his time doing your return. Has given me some really good advice over the years.

Blaince Berrouet

09:01 30 May 23

Jack was so knowledgeable, he filed our tax in no time, and he was very cheap! The interaction and the service were great! I’ll surely Bring him lots of customers.

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5.0

Solid Tax Inc.

5.0

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Choose the Blues Productions

2023-04-03T15:53:46+0000

First time using Solid Tax. I am semi-retired living off pension and proceeds from a small part time business. Matt took very good care of me. He listened well and asked good questions at our first meeting and then went over everything well in the follow up meeting before filing with CRA. He also did my HST return. Good communication, the Returns were well done, and in just over a week and the fee was VERY reasonable. 10% of what I was paying my previous high price Accountant! Matt has my business moving forward for sure.

Raheel Musib

2022-09-05T16:10:27+0000

recommend solid tax good😍

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2022-06-23T03:20:18+0000

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2022-05-09T12:07:34+0000

if you want your taxes don right there is only one solid tax inc 100%

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2022-05-01T11:43:44+0000

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Antoinette Guzzo

2022-04-21T17:27:04+0000

Appointment was scheduled with ease. Phone appointment set up on line. Called was received @ the scheduled time. Taxes were completed in 30minutes. Amanda was efficient & knowledgeable. Thank you as this was my 1st time using the service. I was referred to you & will pay a referral forward.

Dolores Fleming

2022-04-19T01:30:32+0000

The staff is very knowledgeable. They know what they are doing and give the best advice about your taxes. I have been dealing with them for many years and are always satisfied.

Guylaine Lavoie

2022-04-08T04:16:00+0000

Accountants, who have experience with more than Income Tax season Zi has done my taxes since at least 7 years and I couldn't be in better hands!

Olawale Afusat

2022-03-26T01:27:13+0000

I can say I haven't been lucky since I started investing in crypto currency over the years. I got scammed so many times and I almost gave up not until I heard of Mrs MELISSA CRYPTO on how she has been helping her clients gain beautiful profit and I decided to give her a try and I am amazed from the profit I've been making lately. I can't pay you for what you have done for me Ma. may God reward you You can also reach her here Email melissacrypto253@gmail.com What'sapp +1(424] 341 3587

Tanya Jenkins

2021-12-22T21:04:41+0000

Jack at Solid Tax has helped with my taxes and my senior parents. He’s been very helpful in helping to resolve some back tax issues and claim medical expenses. He’s very kind and thorough. Would recommend him strongly! Thanks Jack.

Mariah Scott

2021-11-29T11:00:47+0000

If you think you've failed in forex trading I'm glad to introduce you to the most amazing manager Mrs Amandra Kelly In fact all hope was lost until I met this amazing manager who changed my life within one week. I invested just $500 and within 6 days i made $7000. My friends I will forever be grateful to Mrs Amandra Kelly for helping me recovered all my losses. Words cannot explain or express how grateful I am. If you had lost a lot in forex trade give Mrs Amandra Kelly a trial… you can reach her via Email: amandrakelly110@gmail.com WhatsApp: +14694540374

Blessing Akpan

2021-10-02T02:42:39+0000

I promised that I'm going to testify if my trading was successful' It takes so much time and effort to know the right Trade expert to win trade, After all my research I came in contact with her and I've learned a lot with her in this few years. I'm so impressed with the profit she helped me made, What I love about her is consistency, she's awesome. I just made my withdrawal of 15,000 $ USD. Reach out to her for the best forex trading result. Contact her via Murphysherry303@gmail.com WhatsApp: +13618573869

Julieanna Dudgeon

2021-06-29T00:18:25+0000

Was a very positive experience dealing with Jack at Solid Tax. Professional and friendly. Easy to deal with. Thank you.

Fadi Hajjaj

2021-06-15T00:50:53+0000

Excellent professional service

Emily Logan

2021-04-09T22:31:17+0000

Very professional, very patient, very thorough, thank you!

Yanyan Feng

2021-04-06T02:39:50+0000

Best accounting services!

Brenda John Charlebois

2021-03-23T21:25:29+0000

This is my second year having Solid Tax do my taxes and I will be having them do my taxes every year. The appointment was super easy to set up on the internet and they were on time for the appointment. They were amazingly fast and accurate. Thank you Jack for the great service.

Colmeta Chasse-Tarwally

2021-03-02T02:17:15+0000

Great service. They answered all my questions. Very efficient and reasonably priced. I recommend Solid Tax.

Susan Grimes

2021-02-12T00:11:57+0000

Very informative quick and gets back to you quickly very satisfied

Sharon R McKay

2021-02-02T17:29:53+0000

Affordable tax prep done quickly - while you wait. Good checklists on their website. Jack always replies to emails very quickly (within the same day if not a couple hours). Highly recommend!

Nichola Gordon

2020-06-15T19:27:21+0000

Great service and the price is amazing.

Michael B-p

2020-05-31T00:52:26+0000

He is efficient, excellent service and the price is right. Thank you

AJ Cichelly

2020-05-21T02:59:42+0000

The service is outstanding. We have been dealing with SolidTax for about 4 years now. We live in Orleans and I have no problem driving to their location, thats how good the service is and the price is right.

Emras Raymond

2020-03-16T12:17:53+0000

Efficient tax service.The best in Ottawa

Pooja Pradhan

2019-12-11T23:35:28+0000

Very prompt and helpful. Good service!

Rose Vitoria

2019-05-01T00:55:13+0000

Very quick and professional 👌🏾👌🏾👌🏾

Bob Wagner

2019-04-19T18:27:14+0000

The service was first-class in every respect. Thorough, timely, and economical. I have recommended it to my friends. Bob Wagner

Elisha Dawn Davidson

2019-04-16T21:04:31+0000

Very quick, professional and knowledgeable service for a more then reasonable rate.

Hakuna Matata

2019-04-13T22:21:56+0000

Very efficient, fast and easy ..See you next year

Paul Robert Dalrymple

2019-04-02T13:36:33+0000

Very good, excellent service and very knowledgeable.

Jill Cansick

2019-03-27T14:02:06+0000

was fast and efficient for me.. thank you 😁

Carole Gauthier

2019-03-23T14:44:17+0000

Efficient and friendly! More than reasonable cost 🙂

Camille Vernon Duncan

2019-03-19T23:42:34+0000

Fast, efficient, good value.

Vishal Gupta

2019-03-17T23:47:29+0000

I landed in Canada in 2016 and since then I am using solid tax service for filling tax returns .Solid Tax is reliable and reasonably price tax consultation organization . They also give tax professional saving advice which are very useful . For every new comer to Ottawa ,i will recommend solid tax

Tracy Quérel

2019-03-11T16:27:51+0000

Efficient and knowledgeable. Convenient hours as well. Highly recommend.

Angelus CT

2019-02-25T19:00:09+0000

Fast Friendly and professional, Got answers, as well as my taxes filed for a great price. A great place for newcomers to Canada.

Connie Wang

2019-02-15T05:17:39+0000

I’ve been going to Solid Tax Inc for the past 3 years and they have been wonderful to deal with each and every time! - from answering my many questions to getting my taxes done quickly and efficiently; they were always very patient and made you feel at ease as soon as you walk in! When I head home after getting my taxes done; I feel like a heavy burden is removed from my shoulders because not only do you get an e copy of your tax return but you also get a hard copy version in your hands before you leave! Thank you Jack and team for all your help! To all- I highly recommend everyone who is looking to get their taxes done this year to head over to Solid Tax Inc...you will never want to go anywhere else! 😬

Patricia Lee Randell

2019-02-14T23:15:09+0000

jack is amazing and has been doing my taxes for many years.

Diane Martin

2019-02-12T15:17:26+0000

Had no problem getting an appointment to suit my schedule and was in and out within 30 minutes. Very reasonably priced as well.

Sandra Medeiros

2019-02-11T22:23:47+0000

Very nice service. They were knowledgeable, fast and efficient. Besides charging a fair price. I recommend Solid Tax Inc for accounting services.

V van der Hoofdstad

2019-01-25T14:01:57+0000

I highly recommend SolidTax for tax filing! I went there for 2 late self-employment filings. The guy, Jack, really took the time to go through every possible credit I could get, ensuring that I was claiming every expense I could. I spent 2 and a half hours there, got the biggest refund I've ever had and they charged me 6 times LESS than anywhere else would've charge! I know this sounds too good to be true but honestly these guys are heros. Thanks SolidTax!

Marie Louise

2018-03-06T00:09:46+0000

Jack Liu is amazing , honest and will find all the taxes that you'll get back . Ive been filling my taxes with Jack now 4 years I highly recommand him His rates are reasonable .

Mihajlo Kos

2017-10-06T21:23:47+0000

Jack was amazing. Friendly, professional, fast and accurate. Highly recommend!

Amanda Forsythe

2017-06-09T18:49:40+0000

I love coming here ....very cheap and very easy going. Since I found this place I will not go anywhere else to do my taxes! This is definitely a 5 star rating! Definitely recommendeling to family and friends

Élise Power

2017-05-01T23:28:15+0000

Jack is excellent. 3rd year using his services. Knowledgeable, quick and great price. Now that I'm no longer in Ottawa, I just email him all my documents. Thanks Jack!

Joe Conlan

2017-03-27T23:00:05+0000

Chris Labelle

2017-02-08T20:30:08+0000

They were a pleasure to deal with Would recommend to all family and friends Very helpful and website has all the info .

Mo Ali

2016-09-19T21:08:27+0000

Shawn Cowling

2016-05-25T23:07:21+0000

Diego Cortez

2016-05-03T02:32:10+0000

Jack is the most awesome fella when it comes to taxes, he does an amazing job and he is really on top of things. If there was a six star, he definitely deserves it!

Eva Hosek

2016-04-13T14:18:35+0000

Jack was an excellent. His work was fast, he was polite and helpful.

Trish Taylor

2016-03-11T00:55:27+0000

We went to Jack recently and not only did he do an excellent job on our taxes for 2015 in a short period of time but was also able to locate past errors that had been made by another company. We are so impressed by Jack's professionalize and affordable rates we have recommended him to our friends and families. Thanks Jack for all your help. Mark Price

Abid Rahim

2016-03-06T13:52:44+0000

Jack was fantastic. I highly recommend his services,and I look forward to working with me again next year.

Mark Cruz

2016-02-27T01:38:17+0000

Nadege Papillon

2015-12-07T12:22:17+0000

Sumaya Venturelli

2015-11-28T03:46:26+0000

After calling a few other places charging double or more Jack's prices, I decided to go with him. I am glad I did. He was very friendly and professional. Helped me with all my questions. Even emailed my returns he completed and also gave me them all organized in a file folder. Jack is great at doing taxes and I would recommend him.

Zuzimax Cres

2015-11-02T18:14:04+0000

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