Steep Slopes Development Inc. purchased a property (land and building) for $1,135,000 five years ago. The building is expected tohave a useful life of 25 years, after which it will be have a salvage value of $15,000. Depreciation expense on the income statementusing the straight line method is $17,000. Q 3) The building is identified as a Class 1 asset and the rate applied for tax purposes is 4%. 

How much CCA can the firm claim at theend of the fifth year?

Answer rating: 100% (QA)

To calculate the Capital Cost Allowance CCA for the bui... View the full answer