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Showing results for tags 'capital expense'.
Hello, Was wondering about capital expenditures on a rental property, can I simply keep a record of all the capital expenses (e.g. replace roof, front door, brick work etc) on the property over the years and then take the total lump sum deduction when I dispose the property in the future? Or should I be adding the capital expenses on the year it occurs to the CCA pool on the property and then slowly depreciate the CCA balance over the years? (But again, I thought depreciation expenses is up to the property owner to claim it or not?) Thanks in advance for any clarification.
Hi My rental property was sold last year I need to input the data so one of the appliances ( fridge ) which is a capital expense will be recaptured as an expense when the house was sold I still had value on my capital expense , the amortization didn’t finish for this capital expense here is the data : -opening balance -$115.22 -ACB of the disposition - $130.23 - proceeds of disposition of an asset - zero ( is this correct ?) If I put zero , this capital expense will be recaptured as terminal loss - ACB of the disposition-$130.23 is this correct ? it works with any numbers , but my questions is : is this correct that I input zero in order to capture as a terminal loss , which is recaptured as a regular expense ? Thank you