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Self-employed
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.
May 15, 2020
2:25 PM