Rental property purchased, I do not understand the CCA calculations. Should CCA include property purchase price, PTT, lawyers fees and repairs/maintenance?
The accountant did my 2021 tax return which was the year rental was purchased. CCA on my return shows approx $600 which doesn't come close to the combined expenses so where/how would this figure come from?
01252
1 Replies
TurboTaxSusan
Moderator
May 4, 2023 10:31:32 AM
CCA only represents the depreciation on your property, and is calculated based off a percentage of the original adjusted cost base of your property. Things like maintenance would go under expenses, not CCA.