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New Member
posted Jun 7, 2024 1:32:03 AM

capital cost allowance

Hi I have used my car for business the past couple years, but bought it in 2017. I have never claimed CCA, turbo tax wont let me enter nothing like the info pop up states.

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1 Replies
Level 2
Jun 7, 2024 12:24:35 PM

Yes, you can claim CCA for an older car. 

If you want, you can go back to the tax year when you started using the vehicle for business and make an adjustment to add the vehicle (as well as adjust any returns in between where you want to claim CCA). But if you don't want to do this, then you'll need to add the vehicle this year at the Fair Market Value (FMV) or use the actual purchase price minus the amount you would have claimed for CCA if you had used it starting on the purchase date. 

 

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