cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Bigbird
Level 1
posted
‎April 23, 2021 02:01 PM
last updated ‎April 23, 2021 2:01 PM

auto expenses and CCA

When I add a vehicle in auto1 form and put in trade in value. also has a UCC balance class 10, for some reason it is not subtracting the trade in amount in the cca nor in schedule 8?

Labels:
Reply Join the conversation
2 Comments 2
janisbossenberry
Level 7
‎April 23, 2021 02:51 PM

auto expenses and CCA

I am not sure exactly what you mean, but if you have a trade-in value, you show the trade-in value as a disposition of that asset.  If the vehicle was Class 10.1 rather than Class 10, it does not reduce the pool for CCA - each Class 10.1 asset is treated on its own.  You do not have recapture for a Class 10.1 - there is a prorated potion of CCA claimable in the year of disposition, then you start all over again with a new Class 10.1 for the new vehicle.

Reply Join the conversation
ProFile Duncan
ProFile Team
ProFile Team
‎April 27, 2021 01:04 PM

auto expenses and CCA

Hi, thank you for using Intuit ProFile Community

Trade-in value is only used when entering a new auto purchase. The value only affects the applicable HST/GST to apply for a new vehicle purchase. For the disposal, enter the amount on the lesser of cost or proceeds line: this we adjust UCC as required.

Hope this helps

Reply Join the conversation