It states I have claimed CCA or other carrying charges, what does this mean?

Carrying charges are expenses you incur for the purpose of earning investment income, although only expenses for non-registered accounts qualify. CAA is Capital Cost Allowance is a depreciable property, such as a building, furniture, or equipment, to use in your business or professional activities.

Since these properties may wear out or become obsolete over time, you can deduct their cost over a period of several years. This yearly deduction is called a capital cost allowance (CCA).

You cannot deduct the full cost of depreciable property when you calculate your net business or professional income for the year in which you acquired the property.

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