Solution-Should the cost be claimed as an expense or

Should the cost be claimed as an expense or capitalized

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Question: Canadian taxation:

A couple of years ago, Ms. Smith received an inheritance and she decided to use that money to purchase two condominium units in the same development. Both units are finalized on January 2, 2018 and they were both rented out for the entirety of the 2018 taxation year.

The tenant that rented out the first property all year told Ms. Smith that she hated the colour of the carpet in the bedrooms. In order to keep the tenant happy, Ms. Smith paid to get the carpet replaced for $1,350.

Should this cost be claimed as an expense or capitalized? If capitalized, which CCA class and amount?

Reference no: EM132757373

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Should the cost be claimed as an expense or capitalized : A couple of years ago, Ms. Smith received an inheritance and she decided to use that money to purchase two condominium units in the same development.

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Should the cost be claimed as an expense or capitalized

Reference no: EM132757373

Reference no: EM132757373

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