- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
capital cost allowance on a 95 Chevy 1500? what is best option class 10, class 10.1 or class 54? when the truck was gifted to me 10 years ago
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
Class 10.1 is for passenger vehicles bought it in 2024 and costing more than $37,000 before tax. Depending on how you use your truck and how it's configured, it might not be considered a "Passenger Vehicle", as per this CRA page: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partners...
If it's not a "Passenger Vehicle", then it would go under Class 10.
If your truck is rated above 11,788 kg and primary used for hauling freight, then it would be Class 16, and you would have to enter it as a fixed asset (Taxis, rental cars, and zero-emission vehicles) in TurboTax, not as a vehicle.
Class 54 is for Zero-emission vehicles acquired after March 18, 2019, that would otherwise be included in Class 10 or 10.1.