If you own a property that is not your primary residence, it's considered an investment property. Here's what you need to know for tax purposes:

1. Rental Income
   • Report rental income on your tax return using form T776
   • CRA in-depth guide to Rental income
   • How to report rental income with Wealthsimple Tax
   • To calculate rental income, follow the steps in the CRA's Rental income guide
2. Foreign Rental Property
   • You may need to report foreign rental property on your Canadian tax return
   • File form T1135 if you own foreign property totalling more than $100,000 CAD
   • How to claim a foreign tax credit for your foreign rental income
3. Changes to Property Use
   • Changing primary residence to rental/business property or vice versa is considered a deemed disposition
   • This may result in a capital gain
   • For tax purposes, it's treated as if you sold and reacquired the property at fair market value
   • Learn more about reporting changes in property use
4. Co-owned Investment Property
   • Determine if it's a partnership or co-ownership
   • Report accordingly on your tax return
   • How to report co-owned rental property income

Remember:

• Keep detailed records of all income and expenses related to your investment property
• Be aware of the tax implications when changing property use
• Consult with a tax expert for complex situations

If you need assistance entering investment property information in Wealthsimple Tax, please contact Wealthsimple support.