Tien Posted March 1 Report Share Posted March 1 Hello We purchased a rental property. I own 50%, and the other person own 50%. We entered income and expense. For the appliances that we purchased, I added CCA - Class 8. We paid $2834.98 for the fridge, washer and dryer. Question : 1) To whom the CCA should be allocated, should I choose Partner level? 2) Portion % CCA used for business. What should I enter? The rest of the information here is correct? Thanks Quote Link to comment Share on other sites More sharing options...
Maggie3 Posted March 1 Report Share Posted March 1 Hello Tien, As a co-owner of a rental property, you should choose "Business level (full amounts-100%)" You should leave the line "Opening balance of the undepreciated capital cost" blank. The program will this automatically next year. Enter only the purchase date and the amount of capital additions other than AIIP. Leave all other fields blank. Quote Link to comment Share on other sites More sharing options...
Tien Posted March 2 Author Report Share Posted March 2 Thanks, with this info entered, I don't get any refund back this year. Is it normal? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 2 Report Share Posted March 2 Hello Tien, For the T776 CCA you can not generate or increase a loss, the CCA will be carried forward if it can not be applied. Quote Link to comment Share on other sites More sharing options...
Tien Posted March 4 Author Report Share Posted March 4 Hello, I thought we could deduct 1/5 of the capital cost each year. Thanks Tien Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 4 Report Share Posted March 4 Hello Tien, Please consult with the CRA . https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance.html To contact CRA : 1-800-959-8281 for inquiries related to individuals. Telephone numbers – Canada Revenue Agency / CRA wait times: https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html Quote Link to comment Share on other sites More sharing options...
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