Canadian tax strategies exposed - Saving taxes on your rental properties
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most accountant not goning to tell you about the CCA. thanks for sharing.
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This is not entirely correct. You can claim CCA but if you claim CCA on your investment property you will not be able to designate that property as a principal residence. As a result if you deduct CCA make sure the expected Capital gain per year is less than other properties owned. Also in order to claim principal residence you have to have lived in that residence for at least part of the year so if you are renting the whole building you cannot claim it as a principal residence.
torontonative1 5 months ago
@torontonative1 That is very valid. Thanks for the comment!
PinnacleEquities 5 months ago