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posted Oct 30, 2019 2:58:08 PM

I have small amount left in CCA class 10 for asset that is no longer in use, ie. scrapped. How do I take the remaining CCA? I ticked box,no assets in class,NIL proceeds.

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Moderator
Oct 30, 2019 2:58:10 PM

When you dispose of the last item in a CCA class, instead of getting CCA for the year, you’ll get the remaining UCC balance as either a terminal loss or a recapture. In your case you’ll probably get a terminal loss, which will be applied as an expense against your business income.


1 Replies
Moderator
Oct 30, 2019 2:58:10 PM

When you dispose of the last item in a CCA class, instead of getting CCA for the year, you’ll get the remaining UCC balance as either a terminal loss or a recapture. In your case you’ll probably get a terminal loss, which will be applied as an expense against your business income.