- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
CCA for Class 12. Why CCA for small tools at the end of the year shows the 50% amount left? It should be 100% deducted
CCA for Class 12. Why CCA for small tools at the end of the year shows the 50% amount left? It should be 100% deducted
Topics:
October 29, 2019
7:23 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
If this is the first year that you have claimed these tools, you have just been introduced to the "half year rule" You only get 50% of the CCA the first year.
My other concern is that class 12 is not commonly used for small tools. If any individual tool cost more than $500 it should be in class 8. Generally speaking, tools that cost less than $200 are not depreciated at all. If you have a bunch of small tools, it becomes difficult to adjust the depreciation when tools wear out and are written off.
October 29, 2019
7:23 PM