A professional broker has purchased an iPad. What CCA catagory would that be classed in?

Answer

Judes,

I have copied below some information from CRA site.  Please select the one that fits your siuation:

Class 45 (45%)
Include general-purpose electronic data-processing equipment (commonly called computer hardware) and systems software for that equipment, including ancillary data processing equipment, in Class 45 with a CCA rate of 45% if you acquired them after March 22, 2004, and before March 19, 2007.

Note
If you acquired the equipment or software before 2005 and made the separate Class 8 election, as discussed in the Class 8 note, the property does not qualify for the 45% rate.

Class 50 (55%)
Include in Class 50 with a CCA rate of 55% 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 29 or Class 52 or that is principally or is used principally as:

1.electronic process control or monitor equipment;
2.electronic communications control equipment;
3.systems software for equipment referred to in 1. or 2.; or
4.data handling equipment (other than data handling equipment that is ancillary to general-purpose electronic data processing equipment).

Class 52 (100%)
Include in Class 52 with a CCA rate of 100% (with no half year rule) general-purpose electronic data processing equipment (commonly called computer hardware) and systems software for that equipment, including ancillary data processing equipment if acquired after January 27, 2009, and before February 2011, but not including property that is principally or is used principally as:

1.electronic process control or monitor equipment;
2.electronic communications control equipment;
3.systems software for equipment referred to in 1. or 2.; or
4.data handling equipment (other than equipment that is ancillary to general-purpose electronic data processing equipment).
To qualify for this rate the asset must also:

•be situated in Canada;
•not have been used, or acquired for use, for any purpose before it is acquired by the taxpayer;
•be acquired by the taxpayer:
- for use in a business carried on by the taxpayer in Canada or for the purposes of earning income from property situated in Canada; or
- for lease by the taxpayer to a lessee for use by the lessee in a business carried on by the lessee in Canada or for the purpose of earning income from property situated in Canada.

For additional information please refer to CRA link below:

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/cptl/dprcbl-eng.html#class45

Hope the above helps.

Thank you.
Hardev
Was this answer helpful? Yes No
Original
Moderator
1 additional answer

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: