flash_os Posted March 29 Report Share Posted March 29 Where should I declare the full amount of capital expenses (siding replacement) on uFile for the last year of my rental property? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 29 Report Share Posted March 29 Hello flash_os, In Ufile go to the T776 >> CCA T776 CCA Addition Example : Description of the asset: MyRentalBldg- Opening balance of the undepreciated capital cost $100,000.00 To whom the CCA should be allocated < - - -LEAVE AS NULL Portion (%) of CCA used for business or employment < - - -LEAVE AS NULL Purchase date of the property 01-01-2019 ACB of the depreciable capital property in this class $100,000.00 Limit to the CCA of this class Description and amount of capital additions (other than AIIP): < - - -SELECT THIS ONE [Aluminum Siding] [ $10,000.00] Description and amount of capital additions of AIIP: Application of half-year rule to current year additions Yes T776 – p3 Area A – ½ year rule applied ok flash_os 1 Quote Link to comment Share on other sites More sharing options...
flash_os Posted April 18 Author Report Share Posted April 18 Thanks. What should I enter in Limit to the CCA of this class? How should I fill these fields since I sold my property this year with siding on it. And I completed Capital Gain form for Real estate. And what do you mean by: T776 – p3 Area A – ½ year rule applied ok Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 18 Report Share Posted April 18 Hello flash_os, Please see below. What should I enter in Limit to the CCA of this class? >>You must determine this. How should I fill these fields since I sold my property this year with siding on it. And I completed Capital Gain form for Real estate. >>It is added to the Average Cost Base (ACB) at time of sale. And what do you mean by: T776 – p3 Area A – ½ year rule applied ok >>The addition in the current year had the 1/2 year rule properly applied to the CCA schedule. Quote Link to comment Share on other sites More sharing options...
flash_os Posted April 20 Author Report Share Posted April 20 I sold that property on 2022. Where should I declare on CCA about sale price? Have to notice, I reported about that gain on Capital Gains and ABIL page. Thanks. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 20 Report Share Posted April 20 Hello flash_os, You do not claim CCA in the final year. As an example of a Rental Sale >>T776 >> Class 1 - 4% Description of the asset: MyRentalSoldBldg QC Proceeds of disposition of an asset[ $120,000.00] QC ACB of the disposition [$100,000.00] QC Description and amount of expenses associated with the disposition of assets: [Broker and legal] [$5,000.00] QC Calculate the capital gain and carry the result on schedule 3 [Calculate capital gain] QC Did you liquidate all assets in this class? QC [Yes OR NO] Quote Link to comment Share on other sites More sharing options...
flash_os Posted April 20 Author Report Share Posted April 20 Thank you Geo123 So should be like this? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 21 Report Share Posted April 21 Hello flash_os, It appears to be correct. Please also verify schedule 3 (Quebec Schedule G) Capital Gains schedule Quote Link to comment Share on other sites More sharing options...
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