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R
RB57
Level 2
April 6, 2022
Question

switching one lease car to another during the taxation year

  • April 6, 2022
  • 1 reply
  • 7 views

Client lease of the car come to the end at the middle of the taxation year, and client lease another car. How i should show this switch one leased car to another in one business statement

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1 reply

J
janisbossenberry
Level 7
April 6, 2022

As you are supposed to be expensing the cost of the lease (subject to the monthly limitation on lease amount for passenger vehicles), there is no disposal or acquisition to be recorded.  However, if it was not really a "lease" and was instead a financing, you show the disposal of the one vehicle, and a purchase of another in a separate class.  Class 10.1 assets do not get pooled.

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