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Question
Walter has a rental property that he purchased new (non used) in June 2014. The property was only rented out to commercial businesses. The original cost of the building was $850,000, and the UCC at the end of last year was $684,816. Walter incurred the following costs during the year. What is the maximum CCA Walter can claim on his personal income tax return for the rental property this year?
Gross rents received $230,000
Expenses related to earning rental income:
Advertising (for tenants) $5,000
Property taxes $60,000
Utilities (paid by tenants) nil
Interest on Mortgage of Building $85,000
Maintenance $45,000
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