Question

I bought a vehicle as a business venture. I want to declare it as a fixed asset but CCA Class10 says "Not Motor Vehicle" on Turbo Tax. What class should I use?

Forum|Forum|4 years ago
March 2, 2022
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I bought a vehicle as a business venture, I'll be fixing it up and then leasing it out to movie

If you want to claim capital cost allowance (CCA) on an automobile, then you will need to do it in the vehicle expense part of the Self-Employment section. This TurboTax FAQ shows how to get there: I'm self-employed. How do I claim vehicle expenses?

You’ll find the section where you can enter your new vehicle at the bottom of the “Let’s Calculate Your Vehicle Expenses” page.

The other page where it shows “Class 10: 30% (Not Motor Vehicle)” is for fixed assets that aren’t motor vehicles, such as buildings, machinery, fixtures etc... On that page, Class 10 is for computer hardware bought before 2005.