I am filing taxes as non-resident under Section 216. I paid tax on pension withdrawal, and have no net income from rental. By claiming CCA on rental, do I get a refund?
Moreover, upon claiming Capital Cost Allowance (CCA) on my rental property, I'm entitled to a refund of $2,300 CAD. From my understanding, this refund offsets the taxes deducted, including the 25% withholding tax from the pension withdrawal.
Could you kindly confirm whether TurboTax is accurately reflecting these adjustments, ensuring that I'm indeed able to reduce my tax payment by claiming CCA on my rental property? Your assistance is greatly appreciated.
Thank you in advance.