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Bigbird12
Level 2
April 23, 2021
Question

auto expenses and CCA

  • April 23, 2021
  • 1 reply
  • 3 views

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?

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1 reply

J
janisbossenberry
Level 7
April 23, 2021

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.

P
Pro4
Level 8
April 27, 2021

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

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