I am recording land as a separate line but for some reason it is calculating CCA on that. Anything I am doing wrong here? What is the fix here?
Land is not entered into the CCA schedule since it’s not a depreciable asset.
On a T2, I’ve always entered it as the non-existent Class 88. I think this was actually in Profile as a placeholder for Land (?).
Nothing seems to care…it doesn’t generate any CCA and TC doesn’t complain about the non-existent class.
On the T1, in the CCA schedule there’s a spot to enter and the class is called “Land”.
Not entering in for CCA but for the correct
ACB.
I did use the Class “Land” and i was of the impression that because of this class usage, CCA will not be calculated but I am still getting CCA on land.
Just tested that here on a T1…not seeing any CCA being applied.