Thanks for the video! I have a Bitcoin miner that cost about 15000CAD when purchased. Unlike a Macbook Pro, this equipment is "Application-Specific", whose sole purpose is to mine bitcoin and nothing else. therefore, it is not a "general-purpose electronic data processing equipment" mentioned in class 50. Furthermore, due to the nature of bitcoin mining, such equipment may not be profitable after a few years and thus become worthless. so what Capital cost allowance (CCA) class should a bitcoin miner belong to?
I bought a used car for doordash and when i claim the CCA for the first time i should put the full cost amount in the "addition" box? im using wealthsimple tax and im not sure where to put the cost of the car
Hi, I think you tax videos are great. Could you please kindly continue producing more Canadian tax related videos.. very helpful indeed. Thanks very much for your content!! 🙌🏻
I believe on simplicity and you have done it very well. Thar being said, I have question. I have Incorporated Consulting Company and would like to know the advantage of leasing car or buying car for my new Consulting Company. I am a director for consulting company. The new car should be registered under my new INC and driving only for business trip.
Just did my taxes. I do uber eats half by car and half by ebike. My accountant said there is no way to deduct the ebike? Is this correct or do I need another accoutnant? The ebike cost $5000.
Hi, quick question: in your example at 3:30, when you sell the car for 20,000- is there a capital loss of 10,000 since you're selling it for 10,000 less than the original purchase price, or no? Thanks
Cars are a depreciable asset so a sale of a car can only result in a capital gain or a TERMINAL LOSS. Non-depreciable assets such as land & shares can only have capital losses recorded. Because cars are a special class in 10.1, there cannot be no terminal loss or capital loss recorded.
Hello, if a business is registered on Oct 16 and the asset for the business is purchased on Nov. 01 of the same year, how would you calculate the CCA, do you base it on the business registration date or asset's purchase date, thanks!
I always find these calculations HILARIOUS: 30% of (total cost - 1/2 total cost). Or maybe just do 15% of total cost and save us all some BS. Taxation systems are HORRIBLY complicated so that people can get a job doing taxes for people. 30% of (total cost - 1/2 total cost) will ALWAYS be the same as 15% of total cost. They should just say 15% the first year, and 30% ever after.
This Video helped me complete my cga tax 1 assignment. Very well explained. Many thanks.
The first video or way of explaining this that is clear, succinct, and quick to the point, I love it!
Your videos are great for explaining CRA tax. I wish you had more. Thank you
The only one that helped me understand CCA and deductions, thank you!
Been watching this every year for the past 3 years around this time. Super helpful reminder how to do CCA calculations. Thanks!
Genius!! That visual line will stick with me. Thank you very much.
Thank you for saving my life before the quiz!
Thank you very much. I was so confused with recapture and so on. Now I understood!!
WOW! Excellent explanation. You made the concept easy to understand. Thank-you so much!
woooow loved this great easy explanation
What a fantastic video. Thank you!
I took two Finance courses when I was a Business student at Saint Mary's University in 1996.
This primer on Capital Cost Allowance was a great review.
I am days away from finals, this has been very helpful, THANK YOU!!!
You explained 40 pages of my text book in 6 minutes. Thank you 🙏
Many years ago but still very helpful. Excellent explanation !
this video totally sorted CCA in my head, thanks a bunch
the clearest and most helpful video! thank you
I never ever understand it till I hear it from you thank you so much 😊
Perfect examples and explanations. Thank you!
thanks for the explanation. What about personal use of the car that was not business related?
Excellent explanation. Now the concept of recapture is crystal clear. Please make a video on acquisition of control rules.
Thank you for the video! Very well explained...So the half-year rule only applies to the year when the asset acquired
Very well explained, thank you for sharing.
Really helped so much . Thank you
A really informative and clear video. Thanks.
Thanks for the video!
I have a Bitcoin miner that cost about 15000CAD when purchased. Unlike a Macbook Pro, this equipment is "Application-Specific", whose sole purpose is to mine bitcoin and nothing else. therefore, it is not a "general-purpose electronic data processing equipment" mentioned in class 50. Furthermore, due to the nature of bitcoin mining, such equipment may not be profitable after a few years and thus become worthless. so what Capital cost allowance (CCA) class should a bitcoin miner belong to?
Sir, you're the best!
Excellent!. Please make more videos
Do the same depreciation rules apply when buying a used car (in my case 2 year old car) for ones business?
I bought a used car for doordash and when i claim the CCA for the first time i should put the full cost amount in the "addition" box? im using wealthsimple tax and im not sure where to put the cost of the car
so clear, thank you!
Thanks. Very well explained. Clarified issues
Excellent. Thank you.
Thank you so much
Thank you, this video was great as a review and very easy to understand.
Very well explain! Thank you so much! =D
fantastic video!
awesome.
Hi, I think you tax videos are great. Could you please kindly continue producing more Canadian tax related videos.. very helpful indeed. Thanks very much for your content!! 🙌🏻
I believe on simplicity and you have done it very well.
Thar being said, I have question.
I have Incorporated Consulting Company and would like to know the advantage of leasing car or buying car for my new Consulting Company.
I am a director for consulting company.
The new car should be registered under my new INC and driving only for business trip.
Thank you !! Just made things more clear
Thank you!
@the reflective prof can you please explain with figures about Accelerated Investment Incentive with arm length and non arm length buy of purchase?
What does the 1/2 Suggest us?
very helpful video! thanks :)
Just did my taxes. I do uber eats half by car and half by ebike. My accountant said there is no way to deduct the ebike? Is this correct or do I need another accoutnant?
The ebike cost $5000.
very well explained, thanks!!!
Thanks for this !
so clear, thnak you
Hi, quick question: in your example at 3:30, when you sell the car for 20,000- is there a capital loss of 10,000 since you're selling it for 10,000 less than the original purchase price, or no? Thanks
Cars are a depreciable asset so a sale of a car can only result in a capital gain or a TERMINAL LOSS. Non-depreciable assets such as land & shares can only have capital losses recorded. Because cars are a special class in 10.1, there cannot be no terminal loss or capital loss recorded.
Hello, if a business is registered on Oct 16 and the asset for the business is purchased on Nov. 01 of the same year, how would you calculate the CCA, do you base it on the business registration date or asset's purchase date, thanks!
I'm always trying to hammer it into my head that Accounting amortization is NOT a cash flow!!! Help
Thank you.
can you post the excel sheet ?
My assistant is due next week... i was so confused
I always find these calculations HILARIOUS: 30% of (total cost - 1/2 total cost). Or maybe just do 15% of total cost and save us all some BS. Taxation systems are HORRIBLY complicated so that people can get a job doing taxes for people. 30% of (total cost - 1/2 total cost) will ALWAYS be the same as 15% of total cost. They should just say 15% the first year, and 30% ever after.
Apparently Capital Cost Allowance is the tax version of amortization?? which results in tax savings which DOES affect cash flow. Any truth to that?
+Bob Shapiro Its like how I tell my kids...no allowance until tax deduction time
could have made other lives easier and at least say the words "15,000" in the beginning, but great explanation overall thank you