topic As a self employed i started in Jan 2017, using my personal vehicle, in November 2017 I traded (received 11500) for a new. How can I claim CCA, or one or both vehicles. ? in Self-employed https://turbotax.community.intuit.ca/community/self-employed/discussion/as-a-self-employed-i-started-in-jan-2017-using-my-personal-vehicle-in-november-2017-i-traded/01/914956#M3583 Wed, 30 Oct 2019 17:23:07 GMT bialy7604 2019-10-30T17:23:07Z As a self employed i started in Jan 2017, using my personal vehicle, in November 2017 I traded (received 11500) for a new. How can I claim CCA, or one or both vehicles. ? https://turbotax.community.intuit.ca/community/self-employed/discussion/as-a-self-employed-i-started-in-jan-2017-using-my-personal-vehicle-in-november-2017-i-traded/01/914956#M3583 Wed, 30 Oct 2019 17:23:07 GMT https://turbotax.community.intuit.ca/community/self-employed/discussion/as-a-self-employed-i-started-in-jan-2017-using-my-personal-vehicle-in-november-2017-i-traded/01/914956#M3583 bialy7604 2019-10-30T17:23:07Z You will need to set up expenses for each vehicle separat... https://turbotax.community.intuit.ca/community/self-employed/discussion/you-will-need-to-set-up-expenses-for-each-vehicle-separat/01/914957#M3584 <P>You will need to set up expenses for each vehicle separately in Turbo Tax. If you are intending to claim CCA on the first vehicle you will need to determine the applicable Class (10 or 10.1) based on the value of the automobile in January 2017. This is your cost of additions for that vehicle. Then you will also need to indicate a disposition in 2017 for the trade in value of $11,500.</P><P>Your new vehicle will also be set up for see as an addition in November using the total cost (up to the maximum of $30K).</P><P>Depending on the Class of the first vehicle, I will assume Class 10 base on the end value for trade in purposes (Class 10 vehicles are worth under $30K and class 10.1 are more than $30K, see guidelines) you need to consider if there is depreciation available between January and November valuations.</P> Wed, 30 Oct 2019 17:23:08 GMT https://turbotax.community.intuit.ca/community/self-employed/discussion/you-will-need-to-set-up-expenses-for-each-vehicle-separat/01/914957#M3584 TurboTax-Terry 2019-10-30T17:23:08Z This website may be helpful to explain Class 10 and Class... https://turbotax.community.intuit.ca/community/self-employed/discussion/this-website-may-be-helpful-to-explain-class-10-and-class/01/914958#M3585 This website may be helpful to explain Class 10 and Class 10.1 restrictions: <A rel="nofollow" target="_blank" href="https://www.gilmour.ca/faqs-for-tax-savvy-clients/canadian-faq-232-class-10-vs-10-1-assets/">https://www.gilmour.ca/faqs-for-tax-savvy-clients/canadian-faq-232-class-10-vs-10-1-assets/</A> Wed, 30 Oct 2019 17:23:09 GMT https://turbotax.community.intuit.ca/community/self-employed/discussion/this-website-may-be-helpful-to-explain-class-10-and-class/01/914958#M3585 TurboTax-Terry 2019-10-30T17:23:09Z
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topic As a self employed i started in Jan 2017, using my personal vehicle, in November 2017 I traded (received 11500) for a new. How can I claim CCA, or one or both vehicles. ? in Self-employed
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https://turbotax.community.intuit.ca/community/self-employed/discussion/as-a-self-employed-i-started-in-jan-2017-using-my-personal-vehicle-in-november-2017-i-traded/01/914956#M3583
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As a self employed i started in Jan 2017, using my personal vehicle, in November 2017 I traded (received 11500) for a new. How can I claim CCA, or one or both vehicles. ?
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https://turbotax.community.intuit.ca/community/self-employed/discussion/as-a-self-employed-i-started-in-jan-2017-using-my-personal-vehicle-in-november-2017-i-traded/01/914956#M3583
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You will need to set up expenses for each vehicle separat...
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https://turbotax.community.intuit.ca/community/self-employed/discussion/you-will-need-to-set-up-expenses-for-each-vehicle-separat/01/914957#M3584
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<P>You will need to set up expenses for each vehicle separately in Turbo Tax. If you are intending to claim CCA on the first vehicle you will need to determine the applicable Class (10 or 10.1) based on the value of the automobile in January 2017. This is your cost of additions for that vehicle. Then you will also need to indicate a disposition in 2017 for the trade in value of $11,500.</P><P>Your new vehicle will also be set up for see as an addition in November using the total cost (up to the maximum of $30K).</P><P>Depending on the Class of the first vehicle, I will assume Class 10 base on the end value for trade in purposes (Class 10 vehicles are worth under $30K and class 10.1 are more than $30K, see guidelines) you need to consider if there is depreciation available between January and November valuations.</P>
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This website may be helpful to explain Class 10 and Class...
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<link>
https://turbotax.community.intuit.ca/community/self-employed/discussion/this-website-may-be-helpful-to-explain-class-10-and-class/01/914958#M3585
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<description>
This website may be helpful to explain Class 10 and Class 10.1 restrictions: <A rel="nofollow" target="_blank" href="https://www.gilmour.ca/faqs-for-tax-savvy-clients/canadian-faq-232-class-10-vs-10-1-assets/">https://www.gilmour.ca/faqs-for-tax-savvy-clients/canadian-faq-232-class-10-vs-10-1-assets/</A>
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