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If you sell a vehicle for less than the UCC left, do you carry forward what s left or not?
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October 30, 2019
7:34 PM
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Investors and rental owners
It depends on the class. If you are adding another class 10 the UCC will carry forward. If it’s a class 10 and you don’t have any other class 10 assets, it’s a terminal loss. If it’s a class 10.1, the terminal loss rules do not apply.
Please see this link for more information: https://www.taxtips.ca/smallbusiness/passengervehiclelimits.htm
October 30, 2019
7:34 PM