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@Las Vegas

Please refer to CRA publication guide: T4002 --- Business and Professional Income

huskywang(husky)
1. Do not consider GST/HST or PST when determine the class to which the passenger vehicle belongs. – page 36 of T4002

2. Include your passenger vehicle in class 10.1 if you bought it in your 2011 fiscal period and it cost more than $30,000. ---- page 36 of T4002

3. We consider the capital cost of class 10.1 vehicles to be $30,000 plus the related GST/HST or PST. The $30,000 amount is the capital cost limit for a passenger vehicle. ---page 36 of T4002.

4. From the capital cost of depreciable property, subtract any investment tax credit … also you must reduce the capital cost by any type of government assistance received…. --- page 10 of T4002. ---- Which means you have to deduct GST/HST you have already claimed.

Thanks,
Husky
(#63129@41)
Last Updated: 2012-3-23
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Replies, comments and Discussions:

  • 请教：本人去年自雇，7月底买了一辆车3万多，hst已经抵扣了，那么我计算的汽车折旧方法对吗？30000x30%x4/12 =3000（不知道是否只能算4个月），可是我刚在填t2125表时发现第一年还要减半，那我只能折旧1500，对吗？另外我买的照相机可以报吗？谢谢！ -shuangbao(baikaishui); 2012-3-23 (#63110@41)
    • 第一年用1/2 rule,要减半的,但是不用*4个月,用(30000+HST)*1/2*30%,买照相机要看你做什么生意,跟生意相关的可以报. -susan_wu(皓皓妈升级版); 2012-3-23 (#63117@41)
      • 你是上次在这里问capital lease 的那位？你把HST概念又给混淆!The costs of fixed assets DO NOT include GST, PST or HST. -readingbook(chinacanada); 2012-3-23 (#63119@41)
        • GST/HST is not included. but PST should be included. but this case is nothing to do with PST. -huskywang(husky); 2012-3-23 (#63121@41)
          • when calculating cost of vehicles, you CANNOT include GST, PST or HST in the case of grouping class fixed assets.. -readingbook(chinacanada); 2012-3-23 (#63122@41)
            • Please refer to CRA publication guide: T4002 --- Business and Professional Income -huskywang(husky); 2012-3-23 {752} (#63129@41)
              1. Do not consider GST/HST or PST when determine the class to which the passenger vehicle belongs. – page 36 of T4002

              2. Include your passenger vehicle in class 10.1 if you bought it in your 2011 fiscal period and it cost more than $30,000. ---- page 36 of T4002

              3. We consider the capital cost of class 10.1 vehicles to be $30,000 plus the related GST/HST or PST. The $30,000 amount is the capital cost limit for a passenger vehicle. ---page 36 of T4002.

              4. From the capital cost of depreciable property, subtract any investment tax credit … also you must reduce the capital cost by any type of government assistance received…. --- page 10 of T4002. ---- Which means you have to deduct GST/HST you have already claimed.

              Thanks,
              Husky
        • 我算LEASE的HST是因为银行把HST也算在PRINCIPAL里加了利息，所以其实我主要是不清楚HST是按照当前的买卖的时候算，还是按照我们实际支付的含利息的部分算。　关于CCA我想我没说错 -susan_wu(皓皓妈升级版); 2012-3-24 {134} (#63168@41)
          The maximum capital cost of each vehicle that may be included in Class 10.1 is $30,000 plus GST and provincial sales tax (PST), or HST
      • 楼主还是找个会计师报税吧。个人用车是很敏感的问题。 -jinx99(FAPI); 2012-3-23 (#63123@41)
        • 其实我就想说这句话。如果还牵涉到monthly leaseing. there is limit. -readingbook(chinacanada); 2012-3-23 (#63124@41)
      • 太感谢了，如果不用只按4个月算，那算一半也不错，我也理解不能加Hst，因为已经退给我了。我是It自雇，所以照相机可能有些牵强。再请教我买的计算机、Ipad、IPhone是按照55%折旧还是按照我的工作工具一次抵扣（单价低于500元）？自己要是可以弄明白，今年也好做些税务规划。 -shuangbao(baikaishui); 2012-3-23 (#63126@41) +1
        • it seems like these equipments belong to either the class 50 (55%) or class 52 (100%)-- not sure. call CRA at 1-800-959-5525 for advice. -huskywang(husky); 2012-3-23 (#63130@41)
          • How about Class 10 (30%)? -jinx99(FAPI); 2012-3-23 {376} (#63134@41)
            Under the ITA Reg. 1100(1), the computers purchased after Jan. 27, 2009 and before February 2011 is included in Class 52 with a CCA rate of 100%.

            However, if the computer was bought after February 2011 and CRA hasn't have a new class, then it would default to Class 10.

            Taxes can be complicated and finding a good tax professional or an accountant will be essential.
            • You're right. by the way, I like the way you quoted so we can always have references if others challenge us. -huskywang(husky); 2012-3-23 (#63137@41)
              • Class 50 - 55% is also applicable. -homedream(古风); 2012-3-23 (#63140@41)
                • Class 50 -jinx99(FAPI); 2012-3-23 {382} (#63141@41)
                  Class 50(55 per cent)

                  [Reg. 1100(1)(a)(xxxvi).]

                  Property acquired after March 18, 2007 that is general-purpose electronic data processing equipment and systems software for that equipment, including ancillary data processing equipment, but not including property that is included in Class 52.....

                  Does this mean once the computer fall under Class 52, Class 50 won't apply?
                  • I don't think so. If the computer falls in 52, logically class 50 is still applicable. But since CCA is discretionary, so people would like to use the class providing maximum CCA. -homedream(古风); 2012-3-23 {204} (#63142@41)
                    In addition, Class 50 actually is an increasing of CCA to Class 30 with respect to computer. Class 52 can also be considered to an increasing of CCA to Class 50 but with the acquisition period limitation.
    • is your car for both personal and business use? then -w369(kindman); 2012-3-26 {800} (#63215@41)
      see examply from CRA web
      Example
      Jeremy owns a financial consulting business. He bought a car in 2011 for personal and business use. The car cost $20,000, including all charges and taxes. Therefore, he includes the car in Class 10. His business use this year was 12,000 kilometres of the total 18,000 kilometres driven. He calculates his CCA on the car for 2011 as follows:

      He enters $20,000 in column 3 and column 5 of Area B. Jeremy also enters $20,000 in column 3 of Area A. By completing the other columns in the chart, he calculates a CCA claim of $3,000. Because Jeremy used his car partly for personal use, he calculates his CCA claim as follows:

      ( 12,000 (business kilometres) ÷ 18,000 (total kilometres) ) × $3,000 = $2,000

      Jeremy enters $2,000 on line 9936 on his Form T2125.
      • 非常感谢大家的帮助，都是热心人啊！ -shuangbao(baikaishui); 2012-3-27 (#63251@41)

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