I bought a new vehicle in November of 2017. I never filed a T777 form on my 2017 return so I don't have a UCC amount for my 2018 return. My question is, since the vehicle was purchased in 2017, am I exempt from the half year rule? Or does it still apply since it is my first time claiming CCA?
Thanks.
As this is the first year you are claiming Employment Expenses on that vehicle, you need to "add" it at the Fair Market Value at the time you started using it. You will not have a UCC amount and the half-year rule still applies to this addition.
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