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jaytaxjay

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About jaytaxjay

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  1. I believe that the ACB stays as 0 until you dispose of or sell the item.
  2. So then it would look like this? Steps: I create a Class 1 CCA Add a Description = Building Enter Date Opening Balance = $0.00 Allocation = (Business Level) Portion Used for Business 100% Amount of Capital Additions = $154,250 ($152,250 plus Flooring of $2000) ACB of Depreciable capital Property = $0 Limit to the CCA or the CECA of this Class = 0.00
  3. 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. Steps: I create a Class 1 CCA Add a Description = Building Enter Date 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 ?
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