How to determine the building value of a rental property for capital cost allowance purpose?

Forum|Forum|2 years ago
March 11, 2024
2 replies
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I purchased a rental property located in Richmond Hill, Ontario, in 2022 and would like to get its building value for the purpose of calculating capital cost allowance. I've looked through my property tax assessment notices and closing documents, I couldn't find the value breakdown for land and building, all I have is the total assessment value. Where else could I obtain the building value? Thanks.

TurboTaxSusan

You can try getting the value of similar properties in the area. Or you can also get a historical property assessment done for 2022.

younglydiaAuthor

Thanks for your quick response.

TurboTaxBrenda

Community Manager

We would recommend that you contact the CRA at s1 (800) 959-8281. They will be able to advise you if they would allow you to use your insurance replacement cost.

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