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I closed my franchise business last year. Can I claim the franchise UCC Start of Year amount, as CCA for the year?
I spent $19,500 and bought a cleaning franchise business years ago. Every year I claimed 7% of UCC.
I closed the business last year and the UCC start of 2017 is $11,694.05. Can I claimed all this amount $11,694.05 as CCA for the year of 2017?
posted
October 30, 2019
2:18 PM
last updated
October 30, 2019
2:18 PM
1 Reply
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I closed my franchise business last year. Can I claim the franchise UCC Start of Year amount, as CCA for the year?
Unfortunately not. You are still owning the property (franchise share ) and you may go back to work in future or sell it back to the company or private buyer. You can claim CCA for the year, but you will not be able to remove it from business form till you sell it. At that time you would report proceeds of disposition and gain or loss will be determined.
October 30, 2019
2:18 PM