Capital cost allowance (CCA) – Partnership
From the capital cost of depreciable property, subtract any investment tax credit allocated to the individual partners. We consider this allocation to be made at the end of the partnership's fiscal period. You also reduce capital cost by any type of government assistance.
Box 040 of your Form T5013, Statement of Partnership Income will show the amount of CCA the partnership claimed on your behalf. This amount has already been deducted from the Business income in box 116 or the Professional income in box 120 of the T5013 slip. Do not deduct this amount again.
Any taxable capital gain or recapture from the sale of property the partnership owns is income of the partnership.
Also, any allowable capital or terminal loss from the sale of partnership-owned property is the loss of the partnership.
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