Hi David,david ingram replies:
I had a phone appointment with you in June regarding an apartment building I was purchasing in xxxxxx, xxxxxxx. The call was short, about 20 minutes, and you told me I could contact you again if I had any further questions. I don’t expect you remember me, but we also spoke at some length about autism (I have a young autistic son) and you suggested a therapy by a friend of yours in Vancouver which I am looking into.
My questions relate to the apartment building:
1) I purchased it in xxxxxx (8 units) and am wondering how I claim the appraisal fee, the building inspection fee and the lawyers fee on my tax return.
2) How do I calculate CCA and is it beneficial to claim CCA each year?
3) How is CCA treated when I sell the building?
I am just about to close on another building in xxxxxxx (4 units) in 2 days. This brings me to a total of 12 units. I am looking to buy 2 more buildings bringing the total to 18 – 20 units, in 4 separate buildings. The rental income covers all mortgages and expenses, and also produces an income for me each month, presently $500 increasing to $1000 with the purchase of the additional buildings.
I do not want to become a corporation or a business. I am concerned that CCRA will insist I am a corporation or a business because I will have up to 20 units in 4 separate buildings. How do you see my situation?
The income I make each month from the buildings is added to my support payments and helps with our living expenses.
Your advice is appreciated. If you want more details I can call you or email. Thank you.
Sincerely,
-------------------------------------------------------------------------------------------------------------------------
Comments (0)
CEN-TA Cross Border Services - Tax, Visas, Immigration
http://www.centa.com/article.php/20071003002239590