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M
mck0009
September 13, 2024
Question

Rental Income Property - Residential - NO HST but needs to show up in HST report

  • September 13, 2024
  • 1 reply
  • 0 views

Hi,

Just got a letter from the CRA that we missed reporting our rental income for a residential unit.  It is not HST applicable because it is long term residential.  How do I setup that account so that it is reported as income but not HST applicable?

thank you

Michelle

1 reply

A
Alex M
September 13, 2024

Hi there Michelle,

 

Thanks for reaching out about your transactions. QuickBooks Online is a great tool able to assist you in keeping track of sales and expenses so you know the profitability of your company. I can point you in the right direction for help with entering this income in your books.

 

to know how you should be entering these transactions, I recommend reaching out to your accountant. Their expertise will be able to guide you in entering this income in your books so that your account balances are accurate, and your tax totals are correct. You can invite your accountant to your QuickBooks Online account by going to the My Accountant tab, then entering their contact information. You can also find an accountant near you that has experience using QuickBooks Software using the FInd a pro to help button in that section.

 

If you have any other questions, feel free to reach out here.

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