Mehran Posted April 16 Report Share Posted April 16 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. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 16 Report Share Posted April 16 Hello Mehran, Please see 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? >>Enter full amount and the expenses will be prorated as per the mileage. Q2. Under Motor Vehicle Expenses, what does Description and Adjusted Cost Base of the Vehicle means? >>Adjusted Cost Base is basically the original cost of the vehicle when you purchased it plus any special preparations to the vehicle. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/calculating-reporting-your-capital-gains-losses/adjusted-cost-base.html Quote Link to comment Share on other sites More sharing options...
Mehran Posted April 17 Author Report Share Posted April 17 Thank you Geo123 for your reply. Can you please let me know in which field I can enter the CCA amount? I assume that I need to enter the amount and UFile will not calculate it for me! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 17 Report Share Posted April 17 Hello Mehran, UFile will calculate CCA based on your entries : Quote Link to comment Share on other sites More sharing options...
Mehran Posted April 18 Author Report Share Posted April 18 Great, thank you. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 18 Report Share Posted April 18 Hello Mehran, You are welcome. Quote Link to comment Share on other sites More sharing options...
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