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Level 1
posted Apr 18, 2023 8:11:44 AM

Never used Capital Cost Allowance on Sold Rental Property

Hello,
We never claimed Capital Cost Allowance on Siding replacement in 2015 on our rental property.
Siding replacement helped us to make a gain during rent and sale price. We sold rental property with gains in 2022.

Is it worth to declare now?
And If Yes, how to declare the full amount of capital expenses for the last year of owning our rental property?

0 1 327
1 Replies
Level 15
Apr 24, 2023 8:45:08 AM

Now that you have sold your rental unit its a decision you will need to make. We can't give out tax advice unfortunately.  You can contact the CRA to see what they would suggest. 

 

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