Should I report a portion of the CCA recapture based on the average business use percentage over the life of the vehicle when there was no business mileage in 2017? T2125
Background: I sold my vehicle in 2017 that I have used both professionally (sole proprietor) and personally in the past and did not purchase a replacement vehicle. This resulted in a recapture of CCA in the amount of $X,000 in 2017. I have no business income or expenses to report in 2017 as I elected to discontinue the business in 2017. Given I have no business mileage, there's no percentage being applied to the CCA recapture and subsequently no income to add or tax liability being calculated. T2125
Should I report a portion of the CCA recapture based on the average business use percentage over the life of the vehicle when there was no business mileage in 2017? T2125
The only way to record it is to assign % of use. You don need to put it in km, you can just assign % as 1/5 if your average use was 20%
Make sure you indicate that this is last year of business so the form does not come up next year .
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