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Self-employed
You generally can't write off the full amount for a vehicle or expensive piece of equipment in just one tax year. You would need to claim your tractor in the capital cost allowance (CCA) section as a Class 10 addition, and then claim a portion of the cost yearly over the life of the machine.
This CRA webpage has more information about Capital cost allowance (CCA): Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide – Chapter 5 – Capital ...
February 4, 2025
11:19 AM