Search the Community

I need help by receiving answers for the questions below. Q1. I entered the total kilometres and the one travelled for business. Should I enter the motor vehicle expnses in full amount and UFile will take care of calculating the percentage, or I should calculate them by myself? Q2. Under Motor Vehicle Expenses, what does Description and Adjusted Cost Base of the Vehicle means? Q3. Explanation: I bought a personal vehicle on 6 January 2022. I started using my vehicle for a ride-share business on 1 April 2023. I did the calculation below before plugging the numbers in UFile. Next, I UCC and CCA year 2023 share by multiplying the amounts by (274 (days starting 1 April until 31 December)÷ 365). The new UCC is 8477.50, and CCA 2,543.25 I need help to check if I entered the right number in the right fields in UFile, also did I miss anything? CCA, Class 10 - 30% Thank you.

Hi. I have 2 Capital Cost Allowance items form 2021. Back then 2 were expensed at 100% but keep showing up in UFile Tax Return "Capital Cost Allowance Carry Forward" as ZERO. Is it okay to delete these two items in the Interview portion for CCA? Or do they have to stay on as long as the items are being used? Thank you.

Hello, Was wondering about capital expenditures on a rental property, can I simply keep a record of all the capital expenses (e.g. replace roof, front door, brick work etc) on the property over the years and then take the total lump sum deduction when I dispose the property in the future? Or should I be adding the capital expenses on the year it occurs to the CCA pool on the property and then slowly depreciate the CCA balance over the years? (But again, I thought depreciation expenses is up to the property owner to claim it or not?) Thanks in advance for any clarification.

Hi, This is my 1st time using UFile for entering CCA. I need to know how can I enter the information. And since I spent $29K upfront to purchase the vehicle, how will I adjust in the Balance Sheet section. So technically, $8700 should be claimed as CCA, and $20,300 UCC should go into Balance Sheet. Does UFile automatically calculates and updates the right fields? If not, then where and which fields I am looking to update?

I don't want to use the rental property's CCA, how do I override the automatic entering of the CCA on line 9936 of the T776 form?