ken10142

@Geo123 Thank you so much! I determined not to go ahead with CCA claim. But then I run across a technical problem of UFile: upon disposition of my condo which was rented for a period in y2022, when I filled from left-side menu both the "T776 - CCA - Land non depreciable property " and "Capital gains (losses) and ABIL - personal use property", it looks my capital gain was exaggerated (or calculated seperately in these 2 forms and then combined to show up in UFile tax return tab). As this condo was my principal residence for the beginning few years and then rented out until y2022, does it make sense that I only have to fill the "Capital gains (losses) and ABIL - personal use property"? I also noticed that in the "T776 - CCA - Land non depreciable property" form there is no place to designate period for principal residence, which might be the reason the ultimate capital gain number in tax return tab is such inflated. Is my understanding correct? Thanks for the long reading. Any response reg. this is highly appreciated.

@Geo123thanks. I also read there might be tax recapture if, upon sale, there is appreciation in property value. Does the recapture happen and be calculated the same time when I file the tax return (ie. show up in Review tab in UFile), or wait for CRA to contact me after I submit the return?

Hi. I sold my rental condo in 2022 but never claimed CCA during the rental period (not aware of it until now). Is it advised to claim CCA on the finish of rental year, in this case y2022?

Anyone has some straightforward thoughts? I also read from other postings that suggests to call BC assessment for land/building breakdowns. What if BC assessment couldn’t give out such breakdowns for a condo? Is there any standard accepted criteria for proportion to apply CCA ie. 80% of ttl property value?

Hey, guys, It is my first time to post a question in this great community since I use Ufile 2 year ago. Read a lot of very nice advice from here though... I bought a condo as my principal residence from 2017-2020 and then rented out until sold in 2022. I filled T776 for the rental portion of 2022 and now came down to CCA part under T776. Here are my questions as following: 1. Which CCA class shall I choose, Class 1 (4%) or Land - non depreciable property? it was a condo unit in a residential/commercial conbined building. 2. "To whom the CCA should be allocated" includes: business level, partner lvl, and for the rental portion only. Which one shall I select? Anything else to be noted besides the above 2 when filing such a property sale in tax return is greatly appreciated as well. Many thx!