If I bought a vehicle in May of 2016, used it for work as a tradesmen but didn't claim CCA or expenses for it, when I claim it in 2017 do I use FMV, or original price?
If I bought a vehicle in May of 2016, used it for work as a tradesmen but didn't claim CCA or expenses for it, when I claim it in 2017 do I use FMV, or original price?
Or, do I have to figure out what the UCC would have been? Or, do I put it as if I purchased it this year? For example, it was 69,000 before taxes when purchased. Didn't claim it in 2016 because I didn't track milage.
If I bought a vehicle in May of 2016, used it for work as a tradesmen but didn't claim CCA or expenses for it, when I claim it in 2017 do I use FMV, or original price?
You do not have UCC as the vehicle was never used for CCA purposes in the past. Include the item as a new purchase with the 2016 date and the original purchase price. The amount will either be $30,000 (plus GST/HST on $30K) if the original cost was greater than $30K. Or the actual cost (without GST/HST) if purchased for less than $30,000.
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