Each class of depreciable property has its own CCA rate applied to it. When you prepare your return, make sure you enter the correct class number for each type of depreciable property you are claiming.
To do so, enter the following business and rental information into TurboTax:
- the class numbers of all the depreciable property/equipment you acquired in the tax year;
- the class numbers of all the depreciable property/equipment that had an unclaimed balance last year; and
- the undepreciated capital cost (UCC) at the start of the year for each class, if applicable.
TurboTax will then automatically calculate and enter your Cost of Additions and Proceeds of Dispositions. If you used TurboTax in previous years and carry forward your information to the current tax year, TurboTax will also automatically carry forward any relevant information, including business class numbers.
Note: If you're using the Forms method in TurboTax CD/Download, ensure the class numbers in the first column (Class number) of Areas B through F match the class numbers in Area A.
Keep in mind, that if your rental income is $0 (or you incurred a loss) before any CCA is claimed, then this amount may not be claimed on your forms (as CCA can't be used to generate or increase a loss on rental income). The CCA may also be prorated based on dates and duration, so make sure you've entered the correct range of dates in the proper format.