I retired in June and want to stop claiming my vehicle CCA for business use from employment, and begin claiming the same vehicle as a business expense as self employed. Do I end the employment vehicle CCA by entering a disposition of the vehicle fair market value of the vehicle, and then start the self employed vehicle CCA as an acquisition using the same vehicle FMV?
Simple answer, yes to both. Since the change in use is not significant, I would show a disposition at the UCC on the T777 and then add it to the T2125 at the UCC in assets rather than additions. There is no real reason to give up half a year CCA for this type of transfer. It is business use to business use, no change in ownership. You are really just clearing out the employment form and adding the self-employment form.
Simple answer, yes to both. Since the change in use is not significant, I would show a disposition at the UCC on the T777 and then add it to the T2125 at the UCC in assets rather than additions. There is no real reason to give up half a year CCA for this type of transfer. It is business use to business use, no change in ownership. You are really just clearing out the employment form and adding the self-employment form.
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