Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues:
Whether CCA deductions for MURBs are eliminated for 1994 and subsequent years.
Position TAKEN:
Yes
Reasons FOR POSITION TAKEN:
Exclusion for property of Class 31 or 32 in paragraph 1100(14) (a) of the Regulations is eliminated for 1994 and subsequent years.
5-942132
XXXXXXXXXX M. Shea-DesRosiers
Attention: XXXXXXXXXX
October 4, 1994
Dear Sirs:
Re: Multi-Unit Residential Buildings("MURBs")
Capital Cost Allowance ("CCA")
This is in reply to your letter of August 10, 1994 wherein you enquire about the elimination of CCA deductions for MURBs in 1994.
The exclusion for property of Class 31 or 32 in paragraph 1100(14)(a) of the Income Tax Regulations ceases for the 1994 and subsequent taxation years.
We confirm that property of Class 31 and 32 will be considered rental properties and will be subject to the CCA restrictions for 1994 and subsequent years.
We regret but we do not have any numerical examples to submit but should you have a particular situation that may require a technical interpretation we would be pleased to answer your request for same.
We trust the above comments will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Rulings Directorate
Policy and Legislation Branch
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