Doing my own taxes need help with CCA

[Redlyne_mr2]

So I'm writing off my lease payments and I've having some issues with the capital cost allowance section.

Here is how it all reads:

CCA Class Opening balance Cost of Additions

10

Disposal Proceeds

Now I've determined the CCA class of my vehicle to be a class 10 however when they say opening balance do they mean the total price of the vehicle or do they mean the total cost of the lease (ie monthly lease payment times the number of lease payments owed)?

What's cost of additions? What's Disposal proceeds?

Thanks guys

[benyl]

Doesn't CCA only apply if you bought the car outright? Then you can write off the depreciation (CCA), not the payment.

A lease payment is an expense.

[Redlyne_mr2]

Originally posted by benyl
Doesn't CCA only apply if you bought the car outright? Then you can write off the depreciation (CCA), not the payment.

A lease payment is an expense.

You could be right.. I was just following the steps on quicktax and this section came up. If that's the case then I'll skip it all together.

[djayz]

Yah as far as I know you can't write off lease payments under the CCA section. Only a car fully paid for like benyl said can be put there as a depreciating asset.

The opening balance is then the previous years closing balance.
For example:
paid $10000 for car, so $10000 is opening balance.
After it counts depreciation closing balance is $8500 so this would be your next years opening balance.

Cost of additions means mods but they must be relevant to occupation, can't put engine swap etc haha.

And disposal proceeds are if you sell the car you put what you made off of it as it closes off that vehicles CCA part.

You may be able to write off lease payments somewhere else or under CCA you may be able to put the actual value of the car, meaning fully paid lease value. But I would ask an accountant about that.

[Redlyne_mr2]

There is another section that comes up in which they ask for my lease payment info so that has all been filled properly. I'll remove all the info in the CCA section. Thanks guys.