Class 54 ZEPV - UCC for Second Year

Forum|Forum|2 years ago
February 26, 2024
1 reply
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Hello,

I bought a brand new ($59,000) Class 54 ZEPV that I used for 49.19% business use last year.

My first year CCA (100%) was 59,000 + HST / .4919 = $32,794.97.

My question is, what is the starting UCC that I use for filing this year?

Is it supposed to be $0, or do I use the $32,794.97 ?

TurboTax Online Self-Employed

GHarpe

As per the Canada Revenue Agency (CRA) Column 2 – Undepreciated capital cost (UCC) at the start of the year

If this is the first year you are claiming CCA, skip this column. Otherwise, enter in this column the remaining undepreciated capital cost (UCC) for each class at the end of last year. You can find these amounts in last year's completed form calculation table in column 13.

From your UCC at the start of 2022, subtract any investment tax credit (ITC) you claimed or were refunded in 2021. Also, subtract any 2021 ITC you carried back to a year before 2021.

In 2021, you may have received a GST/HST input tax credit for a passenger vehicle you used less than 90% of the time for your business. In this case, subtract the amount of the credit you got from your 2022 opening UCC.

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