Hi -
Can you please help with the following items in CCA section for a condo purchased as a rental property in 2022:
Opening balance of the undepreciated capital cost: Should it be left blank as it is the first year?
To whom the CCA should be allocated: The property is co-owned by 60%-40% with the spouse, should I choose Partner Level, (Prorated amounts)?
ACB of the depreciable capital property in this class: is this the grand total cost of purchase (purchase price+land transfer tax,...) or should it be just the building allocation of this grand total (land % excluded)?
Description and amount of capital additions (other than AIIP): As it is the first year and no capital expenses have been incurred, should I use the same value as ABC? if so, where should I put the grand total purchase price for future deposition and capital gain/loss?
Thanks