Updated March 2019
Canada had an inheritance tax until 1972. Since then, any money acquired via inheritance is seen as capital gain and taxed accordingly. But, things could change again.
Capital Cost Allowance (CCA) is a tax deduction that helps Canadians cover the cost of an asset’s depreciation over time. Capital expenses can include investments such as buildings, furniture, and equipment used for business or professional activities.
In this article, we will cover how to claim CCA on motor vehicles and rental properties.
If you drive a lot for work, you may be wondering how you can make sure to claim the best tax refund at the end of the year. This article will cover what you need to know about the vehicle depreciation deduction, also known as Capital Cost Allowance.