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Im having issues with the Motor Vehicle Expense Summary page, what is the CCA for year ? please explain
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Troubleshooting
CCA is Capital cost allowance - the amount of "depreciation" that you are claiming on your vehicle for the year. You don't have to take any for the year if you don't want to.
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Troubleshooting
I am about to start my taxes and noticed this from last year as well (I didn’t bother claiming vehicle expenses last year as I did not have a vehicle log book and it was a partial year).
For this year, I plan to claim expense but do NOT want to claim any CCA for my vehicle (I just want to write off business expenses; vehicle is used and paid for, I do not want the hassle). When I was testing this before (last year) I didn’t see an option (it forced a CCA calculation for vehicle, even though I didn’t want it to). Please advise the process to avoid this issue when I file my 2024 small business taxes.
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Troubleshooting
In TurboTax Online, you can change the amount of CCA that you are taking on the Vehicle expenses summary page, which shows after you've entered your vehicle expenses.