Rentalman

It sounded like the CRA doesn't have a method of determining it themselves and said you should use a professional property advisor. One of the other CRA guys I talked to a bit earlier didn't know, but said he heard some people use the property tax documents that give an assessment. Mine didn't have it broken down that way unfortunately though.

This was a useful link I found https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4036/t4036-20e.pdf

I ended up calling the CRA to ask them some of these questions (1-800-959-8281 then 4, 5). I got most of my questions answered, but I still haven't really figured out where to input some things into the Ufile software. Right now I am just trying to play with entering in different areas of the CCA section and see what comes out in the Tax Return tab under the T776 section. Window blinds - likely counts as furniture which is a Class 8 CCA if you bought them after the house purchase. If you got them with the house purchase, they would just depreciate along with the house you bought under a Class 1 CCA on the building itself. CRA also advised that I should get an evaluator come and do an appraisal on the property to determine whether the 80% building/20% land is appropriate or not.

I have other current expenses that I am counting, but it makes sense to include some that took place during the Renovation Period differently. (When I spoke to the CRA the other day, they said renos made prior to renting it out in order to get it ready to rent, those can be added as a cost of the purchase of the house). So say I spent $500,000 on the purchase, and lets call it 80% for building (agreed, likely its not that -see below) so thats $400,000, then I would add the $30,000 in expense to get it ready to rent. Then that $430,000 gets entered somehow in Ufile but I am not sure where to put all those things. I wasn't sure how to determine the breakdown between land/building. I am in Kitchener/Waterloo in Ontario and would think the land is a higher proportion. I looked at the MPAC assessment but it doesn't show a breakdown of the land/building for the assessment. Yes, I keep very detailed records but am still looking for help on how to enter the Reno Period expenses and for the first year (these are the receipts I will need to keep until I sell the house and will want great notes on it). Another question - What is the accelerated investment Incentive and does it apply to my rental property?

I have similar questions to NFLSurvivor and have also read through the CRA guide. My wife and I bought a rental house in 2021. Lets say $500,000. Lets say I call this 80% building, 20% land. I paid $10,000 in land transfer/lawyer fees. Before renting it out (ie during the Renovation Period), I completed $30,000 in renovations. How do I fill out CCA? I add a Class 1, leave the opening balance blank, since bought with my wife I select "Partner Level" for whom should the CCA be allocated, enter date of purchase, then what do I put for the rest of the fields?