How to write-off electric vehicle first year

[UfileBC]

Hi,

I'd like write-off 100% electric vehicle expense on first year of purchase.

I use the vehicle for rent business, I used 20% of 1 year KM for rent business. How to claim 20% of the cost in first year in Ufile.

Thank you.

[Geo123]

Hello UfileBC,

 

CCA class of the vehicle  Class 54 - 30%

 

 

 

Class 54 30%

 Include zero-emission vehicles acquired after March 18, 2019 that would otherwise be included in Class 10 or 10.1, with the same CCA rate of 30%.

 There is a limit of $55,000 (plus federal and provincial sales taxes), for 2019, on the capital cost for each zero-emission passenger vehicle in Class 54. Class 54 may include both zero-emission passenger vehicles that do and do not exceed the prescribed threshold. However, unlike Class 10.1, Class 54 does not establish a separate class for each vehicle whose cost exceeds the threshold.

 

If a zero-emission passenger vehicle is disposed of to a person or partnership with whom you deal at arm's length, and its cost exceeds the prescribed amount, the proceeds of disposition will be adjusted based on a factor equal to the prescribed amount as a proportion of the actual cost of the vehicle. For dispositions made after July 29, 2019, based on proposed legislation, the actual cost of the vehicle will also be adjusted for the payment or repayment of Government assistance.

[UfileBC]

Thank you for your reply.

Cost of EV is 50K , I’d like to claim one-time expense 10K for rental use business, 20%.

No more CCA claim in 2^nd year or after.  

Where do I enter this 10K in  “Motor Vehicle expenses” page ?

Thank you.

[Geo123]

Hello UfileBC,

For 100% CCA rate  -see example below : 

>>Dates (dd-mm-yyyy), Description and amount of capital additions of AIIP:  [01-01-2023 Tesla]

>>CCA @ 100%

>>For 20% business use

[UfileBC]

Hi Geo123,

Thank you for your help. 

[Geo123]

Hello UfileBC,

You are welcome.