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Investors and rental owners
The expansion or addition of a driveway/parking lot is considered to be a Capital Expense. You are allowed to claim Capital Cost Allowance (depreciation) at a rate of 8%. This would be entered as a Class 17 asset, and there are downfalls to claiming CCA on your principal residence and property.
This link is quite helpful in explaining the CCA claim: https://bit.ly/2XNeyWP
The snowblower/tractor is also a Capital Expense and should be entered as a Class 8 asset, which depreciates at 20%. Claiming this item will not affect your principal residence exemption, but if a portion of it is being used for "personal use", you must factor that portion into the CCA calculation.
This link has more information on CCA: https://bit.ly/2NUNalo
‎October 30, 2019
9:46 PM