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Catch up of CCA for previous years


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Hi there,

I had a rental property since 2012 but I didn't claim CCA since then, how do I claim CCA for the previous years? and where to enter in UFILE? Are there any forms that need to be handed in?

Any answers are greatly appreciated 🙂

Thanks,

BLM

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There is no such thing as a catch up for CCA. You need to set up a CCA schedule for the rental property based on the acquisition costs. You also need to separate the land from the building. You can't claim CCA on the land. Do a search on this site for rental ACB. In your case you need to enter the cost as the UCC opening balance since you purchased it in a prior year.

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You can if you amend all those previous year's returns. That would involve claiming CCA for each year in those returns. But using CCA will only reduce rental income to zero each year. If you had a loss without CCA you can't claim CCA to increase that loss.

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