Which of the following statements with respect to rental properties is NOT correct?
A)Every rental property with a cost in excess of $50,000 must be allocated to a separate CCA Class.
B)The short fiscal period rules do not apply to the calculation of CCA on a rental property owned by an individual.
C)The deduction of CCA cannot be used to create or increase a rental loss.
D)If a new rental property is acquired, put into a separate CCA class, and is used more than 90 percent for non-residential purposes, it is eligible for an enhanced CCA rate of 10 percent.

Question

Quizplus · Accepted Answer

If a new rental property is acquired, put into a separate CCA class, and is used more than 90 percent for non-residential purposes, it is eligible for an enhanced CCA rate of 10 percent. This statement is not correct because the enhanced CCA rate for non-residential rental properties is 6%, not 10%.

Which of the Following Statements with Respect to Rental Properties