Should I claim Capital Cost Allowance (CCA) on my taxes (T1159 / T776) for a condo if it's still in the occupancy stage (building hasn't registered). I have rental income, but haven't had the closing on it yet. Also, since I haven't closed on it yet, I don't know the closing costs. Are closing costs usually included as part of the cost of the building? Thank you.
Closing costs are included as part of the cost of the building when adding it as an asset. You will have to report the income, and use whatever costs you have had for utilities, and other fees or expenses. You will have to wait to claim CCA until next year. You will be able to do a T1 adjustment once the costs are all in to add it in the correct year.
Closing costs are included as part of the cost of the building when adding it as an asset. You will have to report the income, and use whatever costs you have had for utilities, and other fees or expenses. You will have to wait to claim CCA until next year. You will be able to do a T1 adjustment once the costs are all in to add it in the correct year.