Relating to the question above, can the renovations be added to the CCA category 1 on their own without the building? How do I separate the cost of the building from the land?
What if I already have a rental loss for the year, should I hold off and add the CCA next year?
Thanks!
Class 1 seems like the right fit for the house. Use Class 1 for both the house itself and the cost of the renovations.
If you installed new appliances, do not include these in the renovation cost. Appliances are depreciated in their own class - class 8.
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