Sole Prop traded in vehicle and bough new one - how do I handle this on BUSAUTO form?

I didnt need to use an asset details or CCA form for the vehicle last year as the BUSAUTO had all the info I needed to calc CCA on the vehicle.  Now with trade in on new one I am not sure how to complete.

Also, as the vehicle cost 60,000 and only 30,000 is allowable, do I prorate the trade-in value to reflect that only 50% of the orig cost was used?


I’m assuming both of the autos count as class 10. You may want to review on the CRA website if they are class 10 or 10.1; this situation applies to class 10.

In class 10 there is no recapture element as long as an auto still remains in the class. So you would remove the traded in auto at the actual fair value received and then add in the other auto for the max of 30k. This usually can still be accomplished in the auto schedule.

Dan Barkman

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