What is my CCA For Year 2017? My CCA 2016 for purchased vehicle that year was $33,600 for 2016 = $10,080 x 50% = $5,040. Turbo says no greater than $3,084.48 for 2017?
What is my CCA For Year 2017? My CCA 2016 for purchased vehicle that year was $33,600 for 2016 = $10,080 x 50% = $5,040. Turbo says no greater than $3,084.48 for 2017?
Capital Cost Allowance (CCA) is calculated on a declining balance. And further reduced by the proration of business over total KM driven in the year.
What is my CCA For Year 2017? My CCA 2016 for purchased vehicle that year was $33,600 for 2016 = $10,080 x 50% = $5,040. Turbo says no greater than $3,084.48 for 2017?
Capital Cost allowance in 2016 was $30,000 (net of sales tax) x (.3)x(.5) = $4,500 (Biz KM/ TTL Km driven) = net CCA which results in a UCC for 2017 of $30K - $4,500 = $26,500 x .3 = $7950 (Biz KM/ TTL Km driven) =$3084.48 which judging by the answer provided in Turbo Tax indicates you are using your vehicle 31% of the time for business.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
