How do I calculate UCC for my car or how to file it.

This is my first time filling with vehicle expense. I bought at 22 December 2022 but I start to Dashing and UberEat delivery on July 2023. So when I input the date I acquired the car which is 22/12/2022, TurboTax ask for UCC which I don’t know how to calculate, I did ask expert about that she ask me input 01/01/2023 as the date of acquired, TurboTax changed to Total cost of the vehicle before taxes. So right now I am kinda conflict what to input

One is 22/12/2022 but I dont know the UCC of beginning of 2023

Two is 01/01/2023 to put total cost of the vehicle

904

Level 3

Mar 23, 2024 3:46:34 PM

As per the Canada Revenue Agency (CRA),

“Undepreciated capital cost (UCC) is the balance of the capital cost left for further depreciation at any given time. The amount of CCA you claim each year will lower the UCC of the property.”

You have not claimed CCA in the year of acquisition of the automobile, and you do not have a UCC Balance.

You must put the total cost of the vehicle under the date on which you began your self-employment work. That date would be the date of acquiring the vehicle.

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How do I calculate UCC for my car or how to file it.