Ok, I'm trying to calculate what my CCA claim would be if I bought a new vehicle.
I have an old vehicle (class 10.1) with a UCC at the start of the year for around $3,500. I use this vehicle to trade in to purchase a new vehicle (also class 10.1) for $45,000. The trade in price for the old vehicle is $5,000. I enter all this information in TurboTax using EasyStep Interview. TurboTax added the $45,000 value as a cost of addition and the $5,000 value as a proceed of disposition. But this resulted in a UCC at the end of the year for the class 10.1 vehicle to be 0.
This can't be right, how can UCC at the end of the year be 0? A new vehicle was purchased, so there should be some UCC left at the end of the year. Is it because TurboTax thinks I have no more assets in my class 10.1 after selling the old vehicle for $5000? Is that why the UCC is zero?
Is this suppose to be correct?
