Can i claim capital cost allowance for the purchase price of buying a rental property?

[nola-keeler]

I bought a rental house last year and this is the first year I am claiming rental income. Does capital cost allowance apply to me?

[TurboTaxSusan]

If this is not your Principal Residence, then you can take CCA on your rental property. But, be aware that you can't use CCA to create a loss, only to reduce your rental income to zero. Also, if you sell the property for more than it's worth, then you can end up with Recapture, which will be added to your rental income.