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Cca recapture on rental property
April 11, 2023
3:27 pm
crossm1
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April 11, 2023
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Hi

Wondering if someone can help.
Our primary residence is in the U.K., we moved to canada in 2019. Fair market value of property was 404k cad , when we moved. Property originally purchased in 2012 for 303k cad.
We rented it out when we moved and are now looking to selling for approx 453k - our account has claimed Cca for each year of tax filing as we didn’t foresee staying in canada.
House is owned 50/50 how significant is the ggt and recapture like to be ?
Viewing my returns
2019 - Cca 2k each
2020 3k each
2021 6k each and 2022 will be 3800 each approx ?
How horrible will my tax bill be - my employment income is around 38k per annum but my husbands 180k

Thank you

April 12, 2023
4:46 am
Norman1
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April 6, 2013
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At worst, both of you will recapture all the CCA claimed in previous years. That would be about 2,000 + 3,000 + 6,000 + 3,800 = $14,800 each.

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