Capital Cost Allowance (or CCA), is the means by which Canadian businesses can claim depreciation expenses. Each class of depreciable property has its own CCA rate applied to it, and it is important to enter the correct class number for each type of depreciable property you are claiming when filing your return.
What you'll need to enter into TurboTax
- The class numbers of all the depreciable property/equipment you acquired in the tax year;
- The class numbers of all the depreciable property/equipment that had an unclaimed balance last year; and
- The under-appreciated capital cost (UCC) at the start of the year for each class, if applicable.
TurboTax will then automatically calculate and enter your Cost of Additions and Proceeds of Dispositions. If you used TurboTax in previous years and carry forward your information to the current tax year, TurboTax will also automatically carry forward any relevant information, including business class numbers.
Note: If you're using the Forms method in TurboTax CD/Download, ensure the class numbers in the first column (Class number) of Areas B through F match the class numbers in Area A.
Related information:
How do I claim CCA on a new vehicle?
How do I find the proper CCA class?
What CCA classes should be used for computer and electronic equipment?
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