Quote:
Originally Posted by squiggs96
CHL is correct that you can split it, but you have to defend it. The easiest way is to just do a split based off the property tax and/or bank assessments. It's also in your benefit to split it, but some people aren't aware of this, and thus pay more taxes by not giving any to land.
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Oh sure, I'm not concerned about defending my splits at all, I've used various kinds of appraisals, and with condos it does work out mostly building.
I'm trying to understand the advantage of having anything in land. I'm claiming the 4% CCA (class 1) for the building portion of my condos in class 1 (or enough to get my rental income to zero). I'm not claiming anything for the land, other then keeping it in my adjusted cost base when I sell. Am I missing some advantage?
It seems to me if I didn't have to split I could claim 4% on a higher number...