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Showing results for tags 'cca'.
Found 3 results
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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.
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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?
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I don't want to use the rental property's CCA, how do I override the automatic entering of the CCA on line 9936 of the T776 form?
