I bought a drafting software license that I will use in my business. Where can I input the price of the software so I can claim in on my Tax return? Thanks.
You can put your (non-system) software
license into a Class 12(100%) and take CCA (capital cost allowance) on it. Software
in Class 12 is subject to the half‑year rule, so you can write it off over a couple years instead of
just one. You can also choose not to take the CCA for a given year, so the amount
would remain in your UCC (Undepreciated capital cost) balance until you decide
to use it.
