Brand new car used for self-employment last yr, Form T777 , column 4 PROCEEDS OF DISPOSITION , amount I received if I sold it, but I keep the car.how to fill COLUMN 4?.

first year I will loose 19% of purchase value of the car, anywhere I can put it this value? many thanks

804

Level 11

Oct 30, 2019 6:29:54 PM

Leave it blank. Proceeds of disposition is only filled in when you've sold the vehicle. Since you've added a new vehicle, you'll have an addition, not a disposition.

No need to do any extra calculations for the 19% loss of value. The CCA (capital cost allowance) deduction will depreciate your car over a number of years according to the vehicle class (as per CRA).

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Brand new car used for self-employment last yr, Form T777 , column 4 PROCEEDS OF DISPOSITION , amount I received if I sold it, but I keep the car.how to fill COLUMN 4?.