I bought a rental property in 2014. Lets say I paid $200,000 for it. ($150,000 building and $50,000 Land). Can someone confirm these steps please. I paid $3000 for Transfer Taxes, Lawyer Fees and some new flooring.
I create a Class 1 CCA
Add a Description = Building
Opening Balance = $0.00
Allocation = (Business Level)
Portion Used for Business 100%
Amount of Capital Additions = $150,000
ACB of Depreciable capital Property = $3000
Limit to the CCA or the CECA of this Class = 0.00
Is the above right ?