Rosa Hitchcock purchased a rental property on May 1, 2020. The following information relates to the income/costs

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Rosa Hitchcock purchased a rental property on May 1, 2020. The following information relates to the income/costs of the rental property:

- The total cost was $385,000, with $95,000 allocated to the land

- Rosa spends $3,500 painting the exterior of the building

- Rental income in 2020 was $29,000

- Rosa keeps careful records and determined that expenses other than CCA and painting were $20,100

Required:

Determine the maximum CCA that is available for 2020. What is Rosa's net rental income for the year?

Related Book For answer-question

Canadian Income Taxation Planning And Decision Making

ISBN: 9781259094330

17th Edition 2014-2015 Version

Authors: Joan Kitunen, William Buckwold

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Posted Date: May 08, 2023 03:00 AM

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Rosa Hitchcock purchased a rental property on May 1, 2020. The following information relates to the income/costs

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To determine the maximum CCA that is available for 2020 we need to calculate th... View the full answer

Canadian Income Taxation Planning And Decision Making

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