uny Posted May 1, 2022 Report Share Posted May 1, 2022 I read through many forum postings, none give a clear answer to my questions. Maybe one of the Pros can help.. I bought a Duplex in 2016. I claimed expenses for the rental portions over the years, but never claimed depreciation. In 2021 did $70K renovations. I need to add this $70K to value of house (I believe Class-1 4%). I never entered/filled any CCA form for this house. What I did. On LHS click "Rental Property income > CCA". On RHS click "Class-1 4%". I put these numbers: a) Value house (without the land) in "Opening balance UCC" = Say $500K b) "To who should be allocated" = I put 'Business 100%' c) "Portion of CCA used for business" = I put 50% (other 50% is personal use) d) Purchase date = 09-09-2016 Amount renovations: $40K general (eg. outside, etc..) so the 50% business portion applies. But $30K is solely for rental unit (so should be 100% business portion). So officially, increase in value of house should be $40K*50% + $30K = $50K Q? 1) Is ACB same as (a) above "Opening balance", ie. $500K (since never claimed any additions, nor depreciations for this house) + legal costs ? 2) In "Description Capital Addition", how do I enter amounts of my renos, so that $40K is under 50% use, and $30K is 100% use? Do I simply "double-up" the $30K, so I enter 40+2*30 = $100K, so that when Ufile software does calculation of 50% portion, it comes out to $50K (which is correct amount)? OR do I need to do multiple entries in "Class-1 4%"? If so, what do I enter in "Opening bal", ... for each entry? 3) "ACB of depreciable Capital Property" - do I need to fill this manually. Its not automatically calculated? 4) Next year 2022, I will have more major reno, say $40K. When I enter this amount in "Class-1" for 2022, must I manually enter all the values again ie. Opening balance, ACB...? Or will Ufile carry-over the info and calculate these automatically? And will new "Opening balance" in 2022 be $500K + my additions ($50K) = $550K ? Thank You Quote Link to comment Share on other sites More sharing options...
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