Should I claim UCC / capital cost allowance for a rental appartment? How do I do it and what are the pro's and cons of claiming it? Thank you!

Yes, your rental apartment qualifies for a capital cost allowance (CCA). The amount of capital cost allowance (CCA) you can claim is determined by the type of property and the date it was purchased.

You can claim capital allowance by subtracting any allowances claimed in previous years from the property's capital cost.  Please check our TurboTax article for more details on the Dos and Don'ts of claiming capital cost allowance (CCA). Dos and Don’ts: CCA for Rental Property Explained

Thank you for choosing Turbo Tax.