These type of equipment are capital expenditures. The part of the cost you can deduct or claim is called depreciation or, for income tax purposes, capital cost allowance (CCA).
Follow the steps:
Part I
Part II (after answer the questions related to your business expenses)
If this is your first year of claiming Capital Cost Allowance on an asset, you won’t need to enter any amount. Your undepreciated capital cost (UCC) is your running balance for each capital cost allowance (CCA) class from last year. You can find this info on last year's return, or, if you transfered your TurboTax return from last year into this year's return, this amount will already be filled in for you.
You’re not required to claim CCA. You can choose to take none, all, or something in between the maximum-allowed CCA. Your maximum per-year claim depends on how your expense is classified by the Canada Revenue Agency. They’ve assigned classes to particular types of depreciable property, and there are assigned rates for each class.
If you’re not claiming CCA, you should still record the asset on your tax return the year you acquired it for future claims. When claiming CCA, it’s important to keep track of your balances, as you'll continue to use these numbers year after year.
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