Multiple Choice
Shahrukh owns a residential rental building which he purchased for $200,000 in 2020. In that year, his rental income before CCA was $5,000. In 2021, his rental income before CCA was $8,000. Sharukh always minimizes his tax liability. Which of the following statements is correct?
A) Shahrukh has a net rental loss of $3,000 in 2020.
B) Shahrukh has net rental income of $480 in 2021.
C) Shahrukh has net rental income of nil in 2021.
D) Shahrukh has net rental loss of $7,000 in 2020.
Correct Answer:
Verified
Correct Answer:
Verified
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