If you sell a property for more than it cost, you may have a capital gain. This may true in selling a building or land, but not in a car (may be a terminal loss). BTW, depreciation is not free. See inside for more info.

huimin(huimin)

本文发表在 rolia.net 枫下论坛http://www.ccra-adrc.gc.ca/E/pub/tg/t4002eq/t4002eq-07.html#P1281_117452

Column 5 - UCC after additions and dispositions
You cannot claim CCA when the amount in column 5 is:
 negative (see "Recapture of CCA" below); or
 positive, and you do not have any property left in that class at the end of your 2001 fiscal period (see "Terminal loss" below).
In either case, enter "0" in column 10.
Recapture of CCA
If the amount in column 5 is negative, you have a recapture of CCA. Enter your recapture on line 8230, "Other income," of your Form T2124 or Form T2032. A recapture of CCA can happen if the proceeds from the sale of depreciable property are more than the total of:
 the UCC of the class at the start of the period; and
 the capital cost of any new additions during the period.
 recapture of CCA can also occur, for example, when you get a government grant, or claim an investment tax credit.
Terminal loss
If the amount in column 5 is positive, and you no longer own any property in that class, you have a terminal loss. More precisely, you have a terminal loss when, at the end of a fiscal period, you have no more property in the class but still have an amount which you have not deducted as CCA. You can subtract this terminal loss from your gross business or professional income in the year you disposed of the property. Enter your terminal loss on line 9270, "Other expenses," on Form T2124 or Form T2032.
For more information on recapture of CCA and terminal loss, see Interpretation Bulletin IT-478, Capital Cost Allowance - Recapture and Terminal Loss.
Note
The rules for recapture and terminal loss do not apply to passenger vehicles in class 10.1. However, to calculate your CCA claim, see the comments in the section called "Column 7 - Base amount for capital cost allowance (CCA)

From: Business and Professional Income 2001更多精彩文章及讨论，请光临枫下论坛 rolia.net

(#476422@0)
Last Updated: 2002-4-23
This post has been archived. It cannot be replied.

我的印象中不可以报。你只能报部分的汽油费。问问瘦猪吧。 -luoboyang(萝卜秧); 2002-4-21 (#473160@0)

我的印象是可以，按每年折旧的比例报。还是等瘦猪来给你确切答案吧。 -holly(泡泡,泡泡,洋泡泡); 2002-4-21 (#473171@0)

如果是注册了公司，以公司名义买可以。但是。。。。 -luoboyang(萝卜秧); 2002-4-21 (#473182@0)
汽车的折旧，一定比例的汽油费，趴车费肯定可以报，不知道维修养护是否能报？ -mildkiller(M.K.); 2002-4-21 (#473186@0)

我找会计报税，她还觉得我用在车上的费用太少了:-X -zhihaoxx(Dilbert*XP); 2002-4-21 (#473259@0)

那她说没说买车的钱也可以算进去？ -luoboyang(萝卜秧); 2002-4-21 (#473271@0)

买车的话不能一次过全打进去。要算每个月的折旧。我是lease的，所以每月lease的就当折旧。然后按照用于工作的比例打个折。这个比例你自己决定。 -zhihaoxx(Dilbert*XP); 2002-4-21 (#473337@0)

据我所知，lease和购买是不同的，以前听报税讲座讲的。 -luoboyang(萝卜秧); 2002-4-21 (#473357@0)

谢谢大家。请问瘦猪在哪儿？回个话儿吧。谢了。 -xiaoxue_ca(小雪); 2002-4-22 (#474448@0)

The standby charge, a.k.a the purchase exp/lease exp are capped at around 29000ish to prevent you from buying luxury cars for personal enjoyment -slimpiggy(瘦猪犹如插翅虎); 2002-4-22 {603} (#474487@0)
If you are using a motor vehicle for businesses purposes, be sure to have receipts for absolutely everything you are claiming, since auto exp is one of the major area targetted by auditors.

use a tax program nevertheless, it's an easy walkthrough under the self-em section, you can put in amongst other things, repairs, parking, gas, anti-theft system, etc,

hence the general strategy is to take it easy on the standby expenses and the upgrade in the car (cd player, mobile phone, GPS, massage captain chairs) and go wild on the maintainence exp (take them to the upper bound of your imagination)

Yes. As a self-employed, you may claim CCA (Capital Cost Allowance) as using you car to do business,(using Area A on page 3 of your Form T2124 or Form T2032 ). See inside link for more detail information. -huimin(huimin); 2002-4-22 {264} (#474586@0)

This publication, Business and Professional Income , published by CCRA has detail information which can answser your question. You can get a copy from any CCRA offices, order it by phone, or visit following web site:
http://www.ccra-adrc.gc.ca/E/pub/tg/t4002eq/

Don't claim CCA on the car, you will be exposed to PUP cap gain tax when you sell it, there is no free lunch -slimpiggy(瘦猪犹如插翅虎); 2002-4-22 (#475185@0)

If you sell a property for more than it cost, you may have a capital gain. This may true in selling a building or land, but not in a car (may be a terminal loss). BTW, depreciation is not free. See inside for more info. -huimin(huimin); 2002-4-23 {1915} (#476422@0)
本文发表在 rolia.net 枫下论坛http://www.ccra-adrc.gc.ca/E/pub/tg/t4002eq/t4002eq-07.html#P1281_117452

Column 5 - UCC after additions and dispositions
You cannot claim CCA when the amount in column 5 is:
 negative (see "Recapture of CCA" below); or
 positive, and you do not have any property left in that class at the end of your 2001 fiscal period (see "Terminal loss" below).
In either case, enter "0" in column 10.
Recapture of CCA
If the amount in column 5 is negative, you have a recapture of CCA. Enter your recapture on line 8230, "Other income," of your Form T2124 or Form T2032. A recapture of CCA can happen if the proceeds from the sale of depreciable property are more than the total of:
 the UCC of the class at the start of the period; and
 the capital cost of any new additions during the period.
 recapture of CCA can also occur, for example, when you get a government grant, or claim an investment tax credit.
Terminal loss
If the amount in column 5 is positive, and you no longer own any property in that class, you have a terminal loss. More precisely, you have a terminal loss when, at the end of a fiscal period, you have no more property in the class but still have an amount which you have not deducted as CCA. You can subtract this terminal loss from your gross business or professional income in the year you disposed of the property. Enter your terminal loss on line 9270, "Other expenses," on Form T2124 or Form T2032.
For more information on recapture of CCA and terminal loss, see Interpretation Bulletin IT-478, Capital Cost Allowance - Recapture and Terminal Loss.
Note
The rules for recapture and terminal loss do not apply to passenger vehicles in class 10.1. However, to calculate your CCA claim, see the comments in the section called "Column 7 - Base amount for capital cost allowance (CCA)

From: Business and Professional Income 2001更多精彩文章及讨论，请光临枫下论坛 rolia.net

You are not properly informed, try the PUP rules -slimpiggy(瘦猪犹如插翅虎); 2002-4-23 (#476450@0)

Can you please tell us little more about how the PUP works in this case and what's the benifit for not claiming CCA for the car. Thanks. -huimin(huimin); 2002-4-23 (#476492@0)

well, automobiles being the centre piece of Personal Use Property, is one of those items targeted by the CCRA for audits, claiming CCA on the car would reduce your adjusted cost base, which in turns would increase your -slimpiggy(瘦猪犹如插翅虎); 2002-4-23 {231} (#476928@0)
cap gain when you dispose the car, and offsetting whatever benefit you have from claiming cca, same idea with the rental property, you normal don't take CCA on that since that would reduce the ACB and bust the principal res status

Agree with you not claiming CCA on house, but not on car. You pay capital gain (recapture of CAA) only when you dispose (sell) the car more than its original cost, which is impossible on car. In most of cases, if you -huimin(huimin); 2002-4-24 {406} (#478327@0)
sell the car at UCC price of start of the year (most people will ), you have no capital gain, Or in some cases, new car you bought will offset the capital gain if you sell your old car more than UCC price of start of the year.
A 30% rate of CCA on your car is big tax benifit for self-employed. Sure you have to follow the rules, otherwise you will get trubles, not just for claiming your car.

Thxs.

请教瘦猪同志，如果去年自雇收入10000元，因为没有汽车，只能将自己的房租作为expense，也就3000元（还不知行不行），得交多少税？我用quicktax算了一下，没给吓晕，有高招给指点一下，谢谢了。 -roctec(爱游泳的鱼); 2002-4-23 (#476535@0)

自己的房租如何算入成本也是有规定的。一般2个bedroom以上才合理。你必须计算房屋面积的几分之几是用于你的business。不可能全部用于，否则你住哪里。 -luoboyang(萝卜秧); 2002-4-23 (#476590@0)

先谢了，不知剩下的（10000-3000 = 7000）要上多少税？百分之多少？ -roctec(爱游泳的鱼); 2002-4-23 (#476594@0)

看你什么时候来的了。个人的免税额就有7412，你应该在最低一档啊。 -luoboyang(萝卜秧); 2002-4-23 (#476595@0)
what kind of proof do you have that you've made 10G? Invoice? bills? what line of work would decide what items you can claim -slimpiggy(瘦猪犹如插翅虎); 2002-4-23 {150} (#476940@0)
common items are computers, labtops, blackberry, palmtop, printers, highspeed internet, tools of trade, transportation (TTC), raw material, food (50%)

I don't check "send me an email if anybody replies me.", so I saw yr post today. Thanks anyway. This problem bothers me so long, I am crazy now. I send my information to u. pls check yr email. -roctec(爱游泳的鱼); 2002-4-25 (#480199@0)

@

If you sell a property for more than it cost, you may have a capital gain. This may true in selling a building or land, but not in a car (may be a terminal loss). BTW, depreciation is not free. See inside for more info.

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