Sarahlee Posted February 24, 2021 Report Share Posted February 24, 2021 Hi. I want to claim CCA on foreign rental property. If I add CCA as a deduction item, do I only need to enter from t776? Should I add it in other menus? Please tell me how to insert CCA Thanks. Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted February 24, 2021 Report Share Posted February 24, 2021 You need to setup the CCA class first in the rental area then decide how much CCA you want to take. It does not get entered anywhere else. Quote Link to comment Share on other sites More sharing options...
Sarahlee Posted February 25, 2021 Author Report Share Posted February 25, 2021 I bought the house in 2003 and moved to Canada after living there. I think the house is class 1 when I read the CRA article. How do I decide cca class? Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted February 25, 2021 Report Share Posted February 25, 2021 Hello again Sarahlee Class 1 as per the guide https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance/classes-depreciable-property.html Also you need to determine the value of the land separate from the building. You can only claim CCA on the building portion. Quote Link to comment Share on other sites More sharing options...
Sarahlee Posted February 25, 2021 Author Report Share Posted February 25, 2021 Thank you for your quick reply. (for class 1) Should I claim 4% of the building value with CCA from T776? Is it not necessary to insert building value or accumulated CCA? Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted February 25, 2021 Report Share Posted February 25, 2021 Sarahlee. You need to enter the cost of acquisition of the building into the schedule and let the software determine the CCA to be taken. Open up a Class 1 CCA schedule and complete the data entry. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.