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Self-employed
Yes, you can claim CCA for your rental property and its related items. However, you should discuss the tax implications with a professional before you do so. For example, if you take CCA on the building, in the short term it may provide a tax deduction against your rental income. But in the future, when you sell the property or convert it to a principle residence, you may have a large tax bill if the property has gone up in value. This blog post has more information on CCA for rental property: https://turbotax.intuit.ca/tips/dos-and-donts-cca-for-rental-property-explained-6377
‎April 11, 2020
3:48 PM