My rental property underwent renovations where I had purchased 10k in furniture. This falls under class 8. In form T776 I would file this under class 8.
Reading up on CCA however there is also this distinction of claiming CCA class 1 for the entire rental property value -- I dont want to depreciate my rental property via CCA to reduce my rental net income - the disadvantages associated with doing this dont appeal to me.
I want to capture just the renovation expenses but am worried if I do the Class 8 filing, I would also in turn depreciating the rental property. Are they the same thing? Is there another way to do this?
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