WhatFinger

Tax Tip 14 of 32, capital cost allowance

Purchase capital assets before year-end

By Inst. of Chartered Accountants ——--February 14, 2009

Canadian News, Politics | CFP Comments | Reader Friendly | Subscribe | Email Us

If you’re planning to purchase any capital assets, do it before the end of your fiscal year.
“If the assets are acquired and in use before year-end, you can claim one-half of the usual capital cost allowance (CCA) rate,” explains Chartered Accountant Scott Conner, Senior Tax Manager, BDO Dunwoody LLP in Huntsville. “Even if you’re in a loss position this year, purchasing the asset now will allow a full year’s CCA claim next year. Just remember that title to the asset must be acquired, and it must be available for use in order to claim CCA.” Brought to you by the Institute of Chartered Accountants of Ontario.

Support Canada Free Press

Donate
Subscribe

View Comments
Inst. of Chartered Accountants——

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>

VIEW Comments

Sponsored