Where do I enter the value of a car purchased in 2016 that was not used for business purposes until 2017

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1 Best answer

Level 7

Oct 30, 2019 11:01:44 AM

Select the fair market value of the vehicle when you changed the use (used it for business) as the addition cost.

A vehicle that costs over $30,000 is class 10.1 and is limited to 30,000 plus tax.

A vehicle that cost less that $30,000 is class 10 so you enter the total cost including taxes.

This is all done in the auto expense page near the bottom. (CCA or Capital cost allowance)

Level 7

Oct 30, 2019 11:01:44 AM

Select the fair market value of the vehicle when you changed the use (used it for business) as the addition cost.

A vehicle that costs over $30,000 is class 10.1 and is limited to 30,000 plus tax.

A vehicle that cost less that $30,000 is class 10 so you enter the total cost including taxes.

This is all done in the auto expense page near the bottom. (CCA or Capital cost allowance)