During 2020, Ms. Jessica Roberts owns two residential rental properties. Information on these properties is as...

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During 2020, Ms. Jessica Roberts owns two residential rental properties. Information on these properties is as follows: 436 Rankin Avenue CCA Class Capital Cost Of Building January 1, 2020 UCC Rental Receipts Property Taxes. Interest Charges- Other Expenses 124 Glengarry Avenue (Not Including CCA). Net Rental Income (Loss) Before CCA 3 $827,000 $563,086 Rental receipts and expenses, not including CCA, for year ending December 31, 2020 are as follows: 436 Rankin 124 Glengarry Avenue Avenue $50,400 $63,600 (12.400) (14,205) (24.000) (41,300) (5,400) ( 3,600) $8.600 1 $947,000 Nil $4.495 Other Information: 1. During 2020, Ms. Roberts spent $63,000 on improvements to the property at 124 Glengarry Avenue. While none of the changes were required, the tenant insisted on the changes before he was prepared to renew his lease. These improvements will also enhance the value of this property. 2. The building at 436 Rankin Avenue was acquired during 2020 for $1,147,000, including an estimated value for the land of $200,000. Required: Calculate Ms. Robert's minimum net rental income for 2020. You should provide a separate CCA calculation for each property and specify how much CCA should be taken for each building. During 2020, Ms. Jessica Roberts owns two residential rental properties. Information on these properties is as follows: 436 Rankin Avenue CCA Class Capital Cost Of Building January 1, 2020 UCC Rental Receipts Property Taxes. Interest Charges- Other Expenses 124 Glengarry Avenue (Not Including CCA). Net Rental Income (Loss) Before CCA 3 $827,000 $563,086 Rental receipts and expenses, not including CCA, for year ending December 31, 2020 are as follows: 436 Rankin 124 Glengarry Avenue Avenue $50,400 $63,600 (12.400) (14,205) (24.000) (41,300) (5,400) ( 3,600) $8.600 1 $947,000 Nil $4.495 Other Information: 1. During 2020, Ms. Roberts spent $63,000 on improvements to the property at 124 Glengarry Avenue. While none of the changes were required, the tenant insisted on the changes before he was prepared to renew his lease. These improvements will also enhance the value of this property. 2. The building at 436 Rankin Avenue was acquired during 2020 for $1,147,000, including an estimated value for the land of $200,000. Required: Calculate Ms. Robert's minimum net rental income for 2020. You should provide a separate CCA calculation for each property and specify how much CCA should be taken for each building.

Answer rating: 100% (QA)

Answer Particulars 124 Glengarry Avenue 436 Rankin Avenue Total Rental ... View the full answer