Buying and renting out real estate is a way many entrepreneurs earn a passive income, and if you are one of them, don’t forget about the swiftly approaching RL-31 deadline. The RL-31 filing requirements apply to all rental residential complex owners and to those filling out the slips on behalf of such owners (accountants, bookkeepers, administrative assistants, etc.).
RL-31 is a tax slip used to inform Revenu Québec about leased dwellings. Property owners need to give their tenants and their subtenants RL-31 slips by February 28, as tenants need this information to claim the solidarity tax credit.
Using Revenu Québec’s online resources, it is very easy to prepare and submit the RL-31 slip. You can use the “Access Service” function on Revenu Québec’s website to: prepare the slip, automatically reuse and re-input information and to view your filed slips. You can also use Access Service to change or cancel previously filed slips.
The “Access Service” function is split into three parts to accommodate the different type of landlords. Individuals may need full or partial access. This would be for landlords not acting or renting as a formal business.
Full access allows for:
- Preparing RL slips
- Reusing unchanged and previously provided information
- Viewing, amending or cancelling slips
Partial access allows you to just prepare the slips, but not reuse information, view or change any slips.
Business access is for landlords that operate as a business. Business access gives you all the accessibility of full access, but collects the information under your company’s user (clicSÉQUR) code.
To prepare, access or change RL-31 slips, you must have the following:
- For business access: a clicSÉQUR user name and password (if you don’t have one, visit revenuquebec.ca/en/sepf/services/scr_inscription/default.aspx)
- For full or partial access: Your SIN number and your date of birth
- For full access: The notice number shown on your last two years of assessments
You should also have this information handy for all access levels:
- The property owner’s address
- The dwelling’s address
- Information about the tenants
Once you have filled out and filed the form, you will move to the next step, which is downloading document RL-31CS and giving it to your tenants and subtenants.
Hang on to all your supporting documents and keep them in a safe place. If you had any trouble rounding up all the information you needed to file your RL-31 slip(s), consider organization and storage options to help you stay on top of this, and other documents you need for Revenu Québec. Late or missing filing can result in fines and penalties, so a little organization now goes a long way in the future.
Another way to stay on top of your tax and document filing is to engage the services of AF Accounting. Our entire company is designed around working with small and emerging businesses by providing a scalable range of accounting services. With us, you can make sure everything is filed on time so you can concentrate on the creative aspects of your company.
