Capital Cost Allowance (CCA) is a tax deduction for the depreciation of your business or property. It helps counter some upkeep costs related to wear and tear, breakdown, replacement, or other factors that cause your assets to lose value.
CCA lets you deduct the depreciation from the cost of any property you buy for your business or rental property that depreciates over time. Some examples of property and items that might count towards the CCA are furniture, printers, computers, telephones, and more. You can even claim CCA on vehicles, office buildings, and musical instruments that you use to earn income.
But keep in mind, you can’t deduct the entire cost of these items as an expense all at once. Instead, you’ll have to claim it at specific increments over many years.
To learn more, visit TurboTax webpage: What is Capital Cost Allowance (CCA)?
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