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Can I remove the Capital Cost Allowance claimed on line 9936 of form T776? I do not want to claim and CCA this year.
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Self-employed
You can remove or alter the amount of CCA in TurboTax Free Online by going to:
- Income Tab > Rental Properties > Rental Summary
- Select Edit on the rental property you wish to adjust the CCA claim
- Continue to the page titled "T776 here's your capital cost allowance for your assets", and remove or make changes there.
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Removing CCA on rental income requires an override which also disqualifies using Net File to file. Is there a way around this to avoid having to submit a paper return?
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Self-employed
The best thing to do in your case when using TurboTax Free is to start a new return and do not add any CCA if not needed. This would be the way that would be recommended if you wish to NetFile your return.
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Self-employed
Thanks Brenda. So what you need to do is on Form T776 simply delete “UCC at start of the year” and claim for CCA will disappear.
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Self-employed
Yes. If you don't wish to claim the CCA fort his year > remove the UCC from the table (assuming this was added in a prior year).
If you have a new addition and you want to claim it in the future > you will have to add it in the year of purchase (the first year to be used in business) so you can carry it forward.
I hope this was helpful
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Is it possible that I don’t claim CCA in this year tax return? My expenses are already higher then my rent income and I don’t wish to claim and do that calculation. Should I just skip this on T776? Or do I have to do this calculation?
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Instead of overridng CCA, which denies ability to use Net File, on Form T776 simply delete “UCC at start of the year” and claim for CCA will disappear. Do not want to claim CCA because election on change of use would not be available (subsection 45(3) of the Income Tax Act). Election allows: (1) deferral of deemed disposition on change of use, and (2) ability to designate property as principal residence for the 4 years prior to change of use.
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Self-employed
Yes. If you don't wish to claim the CCA fort his year > remove the UCC from the table (assuming this was added in a prior year).
If you have a new addition and you want to claim it in the future > you will have to add it in the year of purchase (the first year to be used in business) so you can carry it forward.