Jump to content
Français

Rental income operating cost and capital cost


shriram

Recommended Posts

These are capital costs, if you opt to claim capital cost allowance (CCA). I believe a new roof should be under class 1 (includes capital repairs), and a new stove should be under class 4 (includes appliances), but please check with a tax expert. Here's a brief description of the classes: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/cptl/dprcbl-eng.html

 

HOWEVER, UFile is not calculating my CCA properly. It's capping out my claim amount using half of the proper cap amount, or using half of the net rental income as the cap amount. Luckily I checked against my own calculations and noticed UFILE IS WRONG, or I would have unknowingly submitted false tax returns.

 

I sent in a help request to UFile. I'm anxious to complete my returns and am waiting for a response.

 

Good luck.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...