Can/should I claim CCA on furniture, building, etc. for a vacation property? We also have a primary residence, but vacation property is primarily for rental income.

Our goal is to rent the vacation property out (AirBnB) for many years and then retire to this place and sell our current primary residence.

393

Moderator

Apr 11, 2020 3:48:07 PM

Yes, you can claim CCA for your rental property and its related items. However, you should discuss the tax implications with a professional before you do so. For example, if you take CCA on the building, in the short term it may provide a tax deduction against your rental income. But in the future, when you sell the property or convert it to a principle residence, you may have a large tax bill if the property has gone up in value. This blog post has more information on CCA for rental property: https://turbotax.intuit.ca/tips/dos-and-donts-cca-for-rental-property-explained-6377

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Can/should I claim CCA on furniture, building, etc. for a vacation property? We also have a primary residence, but vacation property is primarily for rental income.