Hello,
I've owned by condo since 2008 and began renting it 2012. I've made CCA claims for appliances over the years however I am wondering if I am also able to claim a $13K special assessment we paid in August.
However, this is not a new special assessment.
This assessment dates back 2017. The charge relates to an SA required to rebuild all the balconies for the three buildings of the condominium complex after an engineering report found a large portion were not structurally sound.
All owners were initially charged it 5 years ago. At the time, owners could either pay it in full then or have their portion of SA amount added to a consolidated 5-year loan. The second option equated to an incremental increase to condo fees which was claimed annually as an expense against my rental income. We chose the latter option at the time.
However, as the 5-year term ended this month, and the Condo Corp again gave owners two options: pay out the remaining balance in full or enter into another 5 year loan and pay out the balance over that term by adding the monthly loan amount to condo fees (this monthly increase was considerably higher).
We chose to pay it in full. So I am wondering the following:
- Can I claim the remainder of the balance I paid last month as a capital expense?
- And if so, what CCA class would this fall under?
- If it can be claimed, is the amount a one-time expense? Or required to claimed as a depreciating asset as the repairs are to the exterior of my unit?
Any help would be greatly appreciated TurboTax community!
Sign In
Canada (English)
EN
