Alice Baxter acquires a residential property on May 1, 2022 and rents out the property. The cost of the property is $385,000, with $95,000 attributable to the land and $290,000 to the building. In 2022, rents collected total $29,000 and expenses other than CCA total $23,600.

Determine the maximum CCA that can be claimed for 2022 and the resulting UCC balance at January 1, 2023. In addition, determine Ms. Baxter's minimum net rental income for 2022.

Answer rating: 100% (QA)

To determine the maximum Capital Cost Allowance CCA that can be claimed for 2022 we need to calculat... View the full answer