CCA reporting on foreign rental property when returning to Canada

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bluesky
Posts: 21
Joined: Sun Mar 29, 2020 11:01 am

CCA reporting on foreign rental property when returning to Canada

Post by bluesky »

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!
bluesky
Posts: 21
Joined: Sun Mar 29, 2020 11:01 am

Re: CCA reporting on foreign rental property when returning to Canada

Post by bluesky »

..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)?
nelsona
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Location: Nowhere, man

Re: CCA reporting on foreign rental property when returning to Canada

Post by nelsona »

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 :D
bluesky
Posts: 21
Joined: Sun Mar 29, 2020 11:01 am

Re: CCA reporting on foreign rental property when returning to Canada

Post by bluesky »

Hi nelsona, does the CCA "start" in that year, when I returned to Canada? Assuming half-year rule applies?
bluesky
Posts: 21
Joined: Sun Mar 29, 2020 11:01 am

Re: CCA reporting on foreign rental property when returning to Canada

Post by bluesky »

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.
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