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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, This is my 1st time using UFile for entering CCA. I need to know how can I enter the information. And since I spent $29K upfront to purchase the vehicle, how will I adjust in the Balance Sheet section. So technically, $8700 should be claimed as CCA, and $20,300 UCC should go into Balance Sheet. Does UFile automatically calculates and updates the right fields? If not, then where and which fields I am looking to update?