Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
taragreer4385
April 13, 2022
Question

Hi there, I bought a vehicle last year, would I still claim CCA for this year? Also, It is financed, not leased, would I enter loan payments in "other expenses"

  • April 13, 2022
  • 1 reply
  • 0 views
No text available

    1 reply

    T
    Tom_Cheng
    April 16, 2022

    Yes, you can claim CCA for this year. First you need to know what class you can claim for your business car:

    Canada Revenue Agency(CRA)  Classes of depreciable property

    (will be class 10 or class 10.1 for vehicles.)

     

    But you have not been able to deduct the principal portion of the loan payment, you only have been able to deduct the interest portion of the loan payment as your expense.

     

    For more information, please click:

    TurboTax How Much Capital Cost Allowance Can You Claim For Your Business?

     

     

    Thank you for choosing TurboTax.

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification