29 November 1989 Ministerial Correspondence 89M11284 F - Capital Cost Allowance on Condominiums

By services, 18 January, 2022
Official title
Capital Cost Allowance on Condominiums
Language
French
CRA tags
n/a
Document number
Citation name
89M11284
Severed letter type
Ministerial Correspondence
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
631336
Extra import data
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Main text

QUESTION 43

CAPITAL COST ALLOWANCE - CONDOMINIUMS

If a taxpayer owns a number of condominiums in the same building, does each unit within the building with a capital cost of $50,000 or more fall into a separate class 3 or are all the units in one building all assets of one class is the entire building is owned by one taxpayer?

DEPARTMENT'S POSITION

The Department regards a taxpayer's entire holdings in respect of a building within a particular condominium building to a be a "single property with a single capital cost" for a capital cost allowance purpose.  This matter is further explained in paragraph 3 of IT-274 and paragraph 6 of IT-304.

Prepared by A. LarochelleSection 23For CTFNovember 29, 1989