Filling Capital Cost Allowance (CCA) information for Class 1

[Boul01]

I am the owner of an investment property that I rent myself as a landlord.  I did not set it up as a business or registered it, it is only another income and expense in the "Rental property income" un Ufile (T776).  I want to setup the CCA to reduce my income from it.

First, at the question "To whom the CCA should be allocated", I don't understand the difference between "Business Level 100%", "Partner Level" and "The rental portion only" and the help doesn't provide lots of details.  Can you please provide example?  In which case to use one or the other ?

Second, on the line after it asks "Portion % of CCA used for business or employment".  This property is not setup as a business.  What is that question trying to figure out? 

Thanks from a first CCA user !

[Geo123]

Hello Boul01,

To whom the CCA should be allocated
Business Level 100%   <---IF only one owner
Partner Level  <--If have business partner
The rental portion only <--Do not use

Portion % of CCA used for business or employment <--LEAVE blank

There are two components to the Rental CCA : Building and Land.

Building – Example

CCA Class 1 - 4%

Description of the asset:  [MyRentalBldg]

 

Opening balance of the undepreciated capital cost [$100,000.00] <- - - IF acquired in prior years you must estimate the current depreciated amount.  You can consult with an accountant on determining this amount.

To whom the CCA should be allocated [Business Level (full amounts-100%] <- - -MOST clients choose this.

 Portion (%) of CCA used for business or employment [   ] <- - -LEAVE blank if 100%

 Purchase date of the property [01-01-2019]

 ACB of the depreciable capital property in this class [$120,000.00] <- - -PURCHASE price

 Limit to the CCA of this class<- - - IF do not want to claim the maximum CCA

 

Land - non depreciable property

CCA Land - non depreciable property

Description of the asset: [My Rental land]

 Opening balance of the undepreciated capital cost [$50,000.00]

 Purchase date of the property [01-01-2019]

 ACB of the capital property in this class [$50,000.00]