ken10142 Posted March 5, 2023 Report Share Posted March 5, 2023 Hey, guys, It is my first time to post a question in this great community since I use Ufile 2 year ago. Read a lot of very nice advice from here though... I bought a condo as my principal residence from 2017-2020 and then rented out until sold in 2022. I filled T776 for the rental portion of 2022 and now came down to CCA part under T776. Here are my questions as following: 1. Which CCA class shall I choose, Class 1 (4%) or Land - non depreciable property? it was a condo unit in a residential/commercial conbined building. 2. "To whom the CCA should be allocated" includes: business level, partner lvl, and for the rental portion only. Which one shall I select? Anything else to be noted besides the above 2 when filing such a property sale in tax return is greatly appreciated as well. Many thx! Quote Link to comment Share on other sites More sharing options...
ken10142 Posted March 6, 2023 Author Report Share Posted March 6, 2023 Anyone has some straightforward thoughts? I also read from other postings that suggests to call BC assessment for land/building breakdowns. What if BC assessment couldn’t give out such breakdowns for a condo? Is there any standard accepted criteria for proportion to apply CCA ie. 80% of ttl property value? Quote Link to comment Share on other sites More sharing options...
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