cca class

[chrisparker]

Hi i bought an equipment costing $300 that i want to claim. should i claim it in cca class  8?

[TheForbisor]

Yes, as per the Canada Revenue Agency (CRA), under Class 8  you can claim equipment and certain property that is not covered in another class is included in Class 8, which has a CCA rate of 20%. Furniture, appliances, and tools that cost $500 or more per tool, as well as some fixtures, machinery, outdoor advertising signs, refrigeration equipment, and other business-related equipment, are examples. If this equipment costs $1,000 or more, you can elect to have it included in a separate class.

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[N01405817]

As per our TurboTax article Common Depreciable Property Classes: Any property you have acquired that does not fall into another class will typically fall into Class 8. The class often includes furniture, appliances, some fixtures, machinery, and other equipment. Class 8 also includes electronic communications equipment, data network infrastructure equipment, and systems software for that equipment. Class 8 has a CCA rate of 20 percent.

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