Landlord record keeping and bookkeeping in Ontario

Good records save time at tax season, at the Landlord and Tenant Board and whenever you need to answer 'what happened?'.

Keep tenancy records: the lease, rent history, receipts, deposits and interest paid, notices and how they were served.
Keep financial records: every rental income and expense item, with receipts, by property.
The CRA generally requires books and records to be kept for six years from the end of the tax year they relate to.
Rental income and expenses are reported on Form T776. Capital costs are treated differently from current expenses.

Tenancy records to keep

The signed lease (usually the Ontario Standard Lease) and any amendments.
Rent charged and received each month, with receipts given.
Last month's rent deposit, the annual interest paid or applied, and any key deposit.
Rent increase notices and effective dates.
Every notice given or received, with the method and date of service.
Maintenance requests, work done and correspondence.

Financial records and expense categories

Record each income and expense item by property as it happens, with the receipt. Common rental expense categories include:

Property taxes, insurance and mortgage interest.
Repairs and maintenance, utilities you pay, and condo fees.
Management and administration fees, legal and accounting fees, advertising.
Capital improvements, tracked separately because they're generally depreciated through capital cost allowance rather than deducted in one year.

How long to keep records

For tax purposes, the CRA generally requires records to be kept for six years from the end of the last tax year they relate to. Keep tenancy records for at least the length of the tenancy and afterwards, in case of a dispute.

A simple monthly routine

Once a month: reconcile rent received against rent due, file receipts, categorize expenses, and note anything upcoming like rent increase dates, lease ends or deposit interest. It takes minutes when done monthly, and days when left until tax season.

Common questions

Can I keep records digitally?

Generally yes, as long as they're complete, readable and retained for the required period.

Is the whole mortgage payment deductible?

No. Generally only the interest is a rental expense. The principal isn't.

What form reports rental income?

Individuals generally report rental income and expenses on Form T776, Statement of Real Estate Rentals.

Do I need an accountant?

Not necessarily, but an accountant can help with capital cost allowance, mixed personal use and multiple properties.

Should each property have separate records?

Yes. Tracking by property makes T776 reporting and owner statements much simpler.

Official sources

Last reviewed September 2026. General information, not legal advice.