This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
3 posts • Page 1 of 1
Hi there, hoping to get some help on CCA reporting for foreign property. US rental property was acquired in 2017 but return to Canada was not until 2019. Does CCA 'start' in 2019? Is it prorated for actual date of entry in 2019? Does half-year rule apply in any way? Thanks in advance!
..or do I use FMV at time of entry as ACB for purposes of CCA, and then use half-year rule at that point (and still pro-rate for # of days in Canada in entry year)?
If you need to use CCA, I would use the FMV when you arrive in Canada, since that will be the basis for tax in canada.
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