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If you can only put 30000$ plus taxes as a 10.1 and you sell it 36000$ even though you really paid 40000$ do u have a gain anyway?
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October 30, 2019
7:34 PM
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You actually don't have a gain (or a recapture as CRA calls it) for class 10.1
Here's how class 10.1 works:
- In the year of disposal of a class 10.1 vehicle, 15% CCA may be claimed.
- TurboTax will calculate this amount for you based on the UCC you have entered, not the proceeds of the sale.
Example: You sold your Class 10.1 vehicle with an Undepreciated Capital Cost of $19,000 for $36,000, your CCA claim for the year will be $2,850. Screenshots below.
More information found here in paragraph 1.104 to 1.106
October 30, 2019
7:34 PM