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Moderator: Mark T Serbinski CA CPA
5 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.
nelsona non grata. Non pro. Search previous posts. Happy Browsing
Hi nelsona, does the CCA "start" in that year, when I returned to Canada? Assuming half-year rule applies?
For anyone else that's looking into this, CCA simply starts in the year of immigration (class 1, 3, etc) at the deemed acquisition value at point of immigration on the value of building only (not land). Half year rule applies in that year, regardless of when during the year immigration happened.