Been struggling a while on how to fill out Ufile for a sold rental property. I know i will need to show CCA recapture into the income but not sure how to enter the details into Ufile.
In the CCA section, I have a Class 1 building ACB of $21K, UCC of $19K and Class 8 furniture ACB of $11K and UCC of $6K.
I'm not sure what to enter in the field 'Proceeds of Disposition of an asset'. If i look at the actual T776, it seems to show that the proceeds should not exceed the capital cost. So i would just enter the ACB amounts?
I sold the entire property for $440K, purchased for $380K. I have expenses on purchase and sale of course, but i have entered these in another section so i don't think i need to enter them in the CCA section as well.