How do you know what class a CCA asset is?

[kandgborger]

I have bought various pieces of equipment for my videography company, and am not sure what class everything is in.

[KateQuinn]

Most camera equipment over $500 falls under CCA Class 8. Equipment over $1,000 would also be classified as Class 8 but kept in a separate pool. (This is because equipment that is costly and needs to be replaced can provide you with a terminal loss deduction, but you can only deduct the terminal loss if the equipment was classified in its own Class 8 pool.)

Information on Class 8 CCA, as per Canada Revenue Agency (CRA):
Classes of depreciable property - Canada.ca

Note: If you scroll to the top of the page in the above link, you will be able to select different classes to view their descriptions. 

Thank you for choosing TurboTax.

[KateQuinn]

Most camera equipment over $500 falls under CCA Class 8. Equipment over $1,000 would also be classified as Class 8 but kept in a separate pool. (This is because equipment that is costly and needs to be replaced can provide you with a terminal loss deduction, but you can only deduct the terminal loss if the equipment was classified in its own Class 8 pool.)

Information on Class 8 CCA, as per Canada Revenue Agency (CRA):
Classes of depreciable property - Canada.ca

Note: If you scroll to the top of the page in the above link, you will be able to select different classes to view their descriptions. 

[KateQuinn]

Thank you for choosing TurboTax.