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In July 2 0 2 2 , an individual acquires a rental property for $ 2 0 , 0 0 0 . $ 1 1

In July 2022, an individual acquires a rental property for $20,000. $110,000 is allocated to the
land and $160,000 is allocated to the building. The property is rented for $1,800 per month.
Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for
2022 is $6,100.
Note: the building was acquired after 1987 for residential use; therefore, a class 1
asset (CCA rate =4%)

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