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warrenjae
New Member

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?

1 Reply
TurboTaxTatsiana1
New Member

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.   

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