![]() ![]() If you rent out part of your principal residence, you should exercise caution before making a CCA claim for your home. This means you can write off the capital cost of the property including the purchase price, legal fees associated with the purchase of the property, and cost of equipment and furniture that comes with renting a building. You can take the CCA for depreciable rental property. Äepreciable properties are those that have been worn out from use over the years, such as automobiles and farm and business equipment. The Canada Revenue Agency has specific requirements for claiming the CCA on Rental Property. ![]() You also may qualify for the capital cost allowance, or CCA, which is depreciation that can be claimed on your return. This includes rental expenses, such as homeowner’s insurance, property taxes, maintenance fees, advertising, mortgage interest, utility costs, and property management fees. Owning rental property provides not only income but also deductions you can take at tax time. ![]()
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