Jump to content
Français

rubyred

Members
  • Content Count

    1
  • Joined

  • Last visited

  1. Bought a vehicle in April 2013 for $11,000 plus gst $550.00 and pst $770.00. Self employed so used vehicle for business 60% and private 40%. Claimed in 2013 tax year. The UCC for 2014 year is $7700, so a depreciation of $3300 for 2013. In 2014, the vehicle was in an accident and written off by insurance, and the settlement was 15,000. I know I have to pay capital gains and understand the lines that have to be filled in "adjusted cost base of vehicle, proceeds of disposition of asset, adjusted cost base of disposition, fill in capital gains page etc. What I dont understand is how to determine the "adjusted cost base". Is that what I paid for the vehicle plus the taxes. I'm gst registered so claimed the $550. gst but somehow forgot to add the pst to the cost of vehicle so the cost of vehicle was reported at $11000.00. Totally stumped here!
© 2013 ImpôtExpert, Thomson Reuters. Tous droits réservés. Politique de confidentialité
×
×
  • Create New...