I'm thinking of using TurboTax for the first time this year. I'm self employed and want to claim a new computer (purchased in 2022) as a CCA. Does TT have a calculator that figures this out for me? I'm trying to understand all the forms with no luck at all.
Thanks!
There is no calculator in the software but you may find what you need in our TurboTax articles below.
How is Capital Cost Allowance calculated?
Recapture of Capital Cost Allowance
For more information, here is a Canada Revenue Agency link:
Example of capital cost allowance (CCA) calculation
Thank you for choosing TurboTax.
There is no calculator in the software but you may find what you need in our TurboTax articles below.
How is Capital Cost Allowance calculated?
Recapture of Capital Cost Allowance
For more information, here is a Canada Revenue Agency link:
Example of capital cost allowance (CCA) calculation
Thank you for choosing TurboTax.
Thanks for your reply. Is it as simple of doing the 4 step calculation you linked to and then adding that amount when prompted by the return form? The CRA form is long and complicated and I'm hoping TT will take care of that with just a few simple steps.
Yes and if needed, the instructions on how to fill in the TurboTax forms can be found at this Canada Revenue Agency link: How to complete the capital cost allowance (CCA) charts. There are many other ways to get help at TurboTax. Here is our FAQ to do so: Contact us. You can also contact us in private on Social media so we can help you further on Facebook or Twitter.
To contact our telephone support team for further assistance please call 1-888-829-8608.
Thank you for choosing TurboTax.