This year I made a profit on my properties (didn`t do enough upgrades/repairs to offset the income) and now want to calculate Capital Cost Allowance to bring my profit to zero.
But to calculate CCA I am supposed to separate the cost of the building (a house or a condo) from the cost of the land.
Has anyone done this? How is it done? When I purchased the properties the land and building costs were never separated. I just bought the house for the price. Period. CRA won`t tell me how to separate them. So how do you do this?
Also, is CCA worth it?
Thanks.
But to calculate CCA I am supposed to separate the cost of the building (a house or a condo) from the cost of the land.
Has anyone done this? How is it done? When I purchased the properties the land and building costs were never separated. I just bought the house for the price. Period. CRA won`t tell me how to separate them. So how do you do this?
Also, is CCA worth it?
Thanks.