How to correctly calculate Capital Cost Allowance for a new passenger vehicle purchased in 2016 tax year? CRA indicates you need to reduce the CCA by 50% for first year?
Vehicle is passenger and worth >$30k, so Class 10.1 here in BC. So I calculate $30k + PST/GST = $33,600 x 50% = $16,800 CCA for 2016. Is this correct?
012297
1 Best answer
TurboTaxTerry
New Member
Oct 30, 2019 1:09:30 AM
Enter the max cost of $30K plus tax as an addition and the software will automatically apply the "half-year" rule for CCA calculation and set up the correct UUC for next year.
I was assuming you are claiming this under Employment Expenses?
1 Replies
TurboTaxTerry
New Member
Oct 30, 2019 1:09:30 AM
Enter the max cost of $30K plus tax as an addition and the software will automatically apply the "half-year" rule for CCA calculation and set up the correct UUC for next year.
I was assuming you are claiming this under Employment Expenses?