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Question

How do i calculate my UCC? i bought a rental condo on Dec 2021 and this is my 1st year filing the rentals.

Forum|Forum|2 years ago
April 16, 2023
1 reply
0 views

Turbo tax is asking my prior year UCC. is this the purchase price + property transfer tax?

If you haven't taken CCA (Capital cost allowance) in previous years, then you won't have a UCC (Undepreciated capital cost). You would need to enter your asset as an addition (this is where you would enter the cost), and then you will have a UCC generated that you can use next year.