CCA for older equipment

[G00]

If I started doing freelance side work last fall using a computer I've had since 2017, can I claim CCA on it? I'm thinking yes, but I would have to start it with an Adjusted Cost Base (ACB), yeah? Start it's ACB as the current market value of the computer?

But then I'm unsure of what amount to enter into both the "Opening balance of the undepreciated capital cost" and the ACB.

Any help would be greatly over-appreciated 😁

[Papet]

Good day,

You can claim CCA on the computer.
You are deemed to have acquired it on the first day of your business.

Use Class 50 55%
Opening balance of the undepreciated capital cost - leave blank (an amount will show next year)
ACB of the depreciable capital property - current market value of the computer
Amount of capital additions (other than AIIP) - current market value of the computer

Note:
If your business beginning date is other than January 1st, the CCA amount will be prorated to the number of months in your business fiscal year.

[G00]

Thanks for the info! This is really helpful.

To prorate it since I started in November, where do I change it to be only the last two months of the year? Or do I multiply the value by 2/12?

[Papet]

Hello,

UFile will do the proration automatically based on the duration of the fiscal year.
Make sure you indicate that this is your first year of operations (Income, expenses page at the top).

[G00]

Ah I see. Thanks!