TurboTaxSusan
Moderator

Self-employed

If you have taxes owing, then you claim CCA on your car to reduce them. Since you haven’t made a claim on the car before, but you still owned it, you would enter the purchase cost as your UCC at the beginning of the year (not as a new addition). It would be Class 10, since the cost is under $30,000. TurboTax will calculate the CCA claim for the year, as well as the percentage that you can claim based on your business use.

 

 

You can choose not to take the full amount of CCA for the year if you don’t need the entire amount to reduce your taxes payable. It will just stay in as part of your UCC for next year.

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