Mr. Brent Anholt owns a rental building in Moose Jaw which has the following revenues and...

 

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Mr. Brent Anholt owns a rental building in Moose Jaw which has the following revenues and expenses for 2017. The building is in Class 1 (4%) and had a UCC balance of $215,000 on January 1, 2017 (claim maximum CCA). Rental Revenue Expenses: Subtotal REQUIRED: Utilities Mortgage Interest Property Taxes Repairs $34,000 $6,900 $11,700 $3,600 $6,300 $28,500 $5,500 1. Calculate the Net Rental Income to be reported on the T1 return 2. Show and submit all calculations, including a complete CCA schedule 3. Record the Net Rental Income you have calculated on the appropriate line on the T1 Mr. Brent Anholt owns a rental building in Moose Jaw which has the following revenues and expenses for 2017. The building is in Class 1 (4%) and had a UCC balance of $215,000 on January 1, 2017 (claim maximum CCA). Rental Revenue Expenses: Subtotal REQUIRED: Utilities Mortgage Interest Property Taxes Repairs $34,000 $6,900 $11,700 $3,600 $6,300 $28,500 $5,500 1. Calculate the Net Rental Income to be reported on the T1 return 2. Show and submit all calculations, including a complete CCA schedule 3. Record the Net Rental Income you have calculated on the appropriate line on the T1

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Calculate the Net Rental Income to be reported on the T1 return The Net Rental I... View the full answer