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When to declare capital expenses on rental property?
Hello,
Let's say I own a rental property, and made capital expenses in 2022. I am not interested in claiming CCA on those expenses; but want to use them to increase the ACB of the property when I eventually sell the property.
My question is do I need to claim these expenses in this year's filling, or do I only need to declare them in the year I sell the property?
Thank you for any help.
January 29, 2023
1:41 PM
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Filing
No, if you're not going to take CCA on your capital expenses, then you will add them to your ACB when you sell the property.
January 29, 2023
2:04 PM