Underpreciated capital cost is the carryforward value of a fixed, or depreciable, asset.
If 2024 was the first year you used your vehicle to earn business or employment income, you'll enter it as though it was purchased on the day you started using it in 2024. If it was newly, or recently, purchased, you can use the purchase cost as the cost of the vehicle; however, if you purchased this vehicle in a previous year, you will still indicate the acquisition date as the day you started using it to earn income, and enter a fair market value as the cost. No UCC is entered in this case.
If you used this vehicle in a previous year to earn business or employment income, but did not claim the CCA, you can enter either the day you did start using it in that previous year, or the date of purchase if that is the case. If you've owned the vehicle for a period before you began using it to earn income, you'll enter a fair market value as the UCC, but if you started using it when you purchased it, you'll enter the actual cost as the UCC.
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