Method to claim CCA for Principal Residence in ON

[OurRealtor]

I own principal residence since Aug/ 2007 in ON, what's the method to claim CCA? So far I didn't claim it , doesn't CRA will automatically refund return b/c they have our property data in their database?

If not, when and how can I claim CCA, does it need to be shown in tax return documents? What's that CRA form# where I can work out CCA?

 

[bizaro86]

You can't claim CCA on a principal residence. It's only for buildings (not land) used for business/rental purposes.

 

[Thomas Beyer]

No taxes payable on gain on principle residence In Canada, hence no CCA is applicable !

Hence: buy the biggest property you can afford as it is one of the biggest taxfree wealth creators in Canada !!

 

[OurRealtor]

[quote user=bizaro86] You can't claim CCA on a principal residence. It's only for buildings (not land) used for business/rental purposes.


Thanks, I have other property in AB, how can I claim return by deducting it from acquisition price? Will I have to file tax return in both provinces? If I skipped to deduct CCA , can I reclaim its deduction in later years as I am not aware , where to file and how it will be calculated in AB Rental Unit?

 

[LAndersen]

I would recommend talking to your accountant for the best advice on how to deal with this. I don't believe that you have to claim it to start and can do so later on but not sure on this. Some say it is good to deduct and others say it isn't. Depends on your accountant.

 

[OurRealtor]

Class 31/32, Multiple Unit Residential Buildings (MURBs), were originally exempt from rental property

restrictions and CCA could be claimed to offset other income. As of 1994, MURBs fell under the rental

property restrictions.



Do we need to fill T776 - Statement Of Real Estate Rentals for our principal residence?

 

[Thomas Beyer]

[quote user=OurRealtor]Do we need to fill T776 - Statement Of Real Estate Rentals for our principal residence?


no