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Another big sale I had was related to my vehicle that I use for business purposes. I paid around $40,000 for the car brand new.
Another big sale I had was related to my vehicle that I use for business purposes. I paid around $40,000 for the car brand new. My opening UCC on the vehicle is $15,680. I was only able to sell the vehicle for $11,000. Can I take a capital loss on this to reduce my income? If not, what can I take? Explain in relation to Canada tax?
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Since this vehicle was used for business purposes the sale of the vehicle would have tax implication...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
