Should You Claim CCA On Your Rental Property?

The Income Tax Act allows you to deduct certain expenses directly related to your rental property such as property taxes, interest, insurance, accounting fees, and advertising. While you can’t deduct the full cost of the property itself, you are permitted to claim an amount every year as “capital cost allowance” (CCA). CCA appears to be an attractive way to reduce their…

Comments Off on Should You Claim CCA On Your Rental Property?

The Principal Residence Exemption

When you sell personal use property such as a car, jewelry, or furniture for more than you paid for it, you have to report and pay income tax on the net capital gain. The definition also includes real property, including the principal residence you own. The Income Tax Act provides a principal residence exemption for capital gains on the sale…

Comments Off on The Principal Residence Exemption