Tax implications on Rental Property

[DJ_NAV]

You do not need to submit anything to CRA other than completing the tax return and applicable schedules. CRA will ask you for supporting documentation if they choose to. During a client's audit on such matter last year CRA found a letter from a real estate agent sufficient as it listed 3 comparatives and the average of the 3 properties was used.

[nitram]

So i asked earlier about selling rental property at a loss and it should be a cap loss without any tax refund. But while i'm doing my taxes on Ufile, i filled in all the information for this loss in the T776 and it said i'm getting a refund now based on this loss. Am i doing it incorrectly and i'm going to have to pay it back?

[Manhattan]

Perhaps you had capital gains from other investments held outside of RRSP/TFSAs.

[nitram]

I think it calculated it as a terminal loss.

http://www.taxplanningguide.ca/tax-p...al-properties/

From what I'm reading it seems to make sense. Maybe someone can let me know if there's any issue with this. Thanks.