You can try getting the value of similar properties in the area. Or you can also get a historical property assessment done for 2022.
Thanks for your quick response.
Thank you for your reply.
I'm not able to get a value from similar properties in my area. And it's quite costly to get an assessment done. Can I use the dwelling replacement cost from my home insurance document instead? Does CRA recognize this as a basis used for calculating CCA for a rental property? Thanks.
We would recommend that you contact the CRA at s1 (800) 959-8281. They will be able to advise you if they would allow you to use your insurance replacement cost.
Thank you for choosing TurboTax.
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