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Buffalo Limited purchased an asset at a cost of $75,000 on March 1, 2020. The asset has a useful life of seven years and an
Buffalo Limited purchased an asset at a cost of $75,000 on March 1, 2020. The asset has a useful life of seven years and an estimated residual value of $2,100. For tax purposes, the asset belongs in CCA Class 8, with a rate of 20%. Calculate the CCA for each year, 2020 to 2023, assuming this is the only asset in Class 8.
CCA | ||
---|---|---|
2020 | $enter a dollar amount | |
2021 | $enter a dollar amount | |
2022 | $enter a dollar amount | |
2023 | $enter a dollar amount |
How would the calculation change for 2020-2023 based on the new CCA rules implemented in late 2018 (see footnote 20) assuming this is eligible property?
CCA | ||
---|---|---|
2020 | $enter a dollar amount | |
2021 | $enter a dollar amount | |
2022 | $enter a dollar amount | |
2023 | $enter a dollar amount |
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