1. During the current year, Vlad ross permanently departs from Canada. At the time of his departure, he owns a rental property with a fair market value of $600,000, a capital cost of $450,000, and a UCC of $425,000. The only other capital asset that he owns shares in a Canadian public company. These shares have an adjusted cost base of $140,000 and a fair market value of $180,000.

Which of the following amounts will be included in ross's income as a result of his departure from Canada?

1. A taxable capital gain of $95,000, along with a recapture of 25,000
2. A taxable capital gain of $75,000, along with a recapture of 25,000
3. A capital gain of $25,000
4. A taxable capital gain of $20,000

1. Jamie has a non-residential property that he purchased new (unused) in June 2015. He was renting this property out to commercial businesses. The original cost of the building was $850,000, and the UCC at the end of last year was $684,816. Jamie incurred the following costs during the year.

Gross rents received $230,000
Expenses related to earning rental income:
Advertising (for tenants) $5,000
Property taxes $60,000
Utilities (paid by tenants) nil
Interest on Mortgage of Building $85,000
Maintenance $55,000

What is the maximum CCA Jamie can claim on his personal income tax return for the rental property this year?

1. The maximum CCA on the building is $27,393
2. The maximum CCA on the building is $68,482
3. The maximum CCA on the building is $41,089
4. The maximum CCA on the building is $25,000

Answer rating: 100% (QA)

c A capital gain of 25 000 Since Ross is permanently departing from Canada he is considered to hav... View the full answer