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Should the terminal loss appear to be included in the total CCA of the year for a newly acquired vehicle?
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October 31, 2019
5:30 AM
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Self-employed
Is the new vehicle in the same class as a vehicle you sold? Did you have any other vehicles in that class?
October 31, 2019
5:30 AM
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Self-employed
the new vehicle in in class 10.1 while the sold one is in class 10.
October 31, 2019
5:30 AM
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Self-employed
The terminal loss from the class 10 vehicle should show up as an "other expense" against your business income (line 9270 on the T2125). On the class 10.1 vehicle, you might be seeing the half-year rule - for most additions in the year, you can only claim CCA on half of your net additions to the CCA class in the year.
October 31, 2019
5:30 AM