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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
No. You cannot use CCA to create or increase a rental loss. Please see http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-e.html#P577_56059
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
No. You cannot use CCA to create or increase a rental loss. Please see http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-e.html#P577_56059
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
CCA is depreciation.
Has your rental property gone down in value since you started using it as a rental income?
If your property has increased, and you have claimed CCA, you will be in a position of recapture. ie all the depreciation you claimed will be added to your income in the year you sell the property.
Check out the implications here: http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-e.html#P1215_82090
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
That is true, you can claim only enough cca to bring your rental income to zero.
Thanks for pointing that out Fuzzy.
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
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Can i claim CCA ON rental PROPERTY if CCA is more than Rent?
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