Course- introduction to taxation

1. A taxpayer is eligible to claim capital cost allowance (CCA) merely by the fact taxpayer has legal title to the property.

true or false

2. The standardized tax system for computing depreciation on property eliminates, with regard to the asset, the need for estimates of useful life, salvage value at the end of the useful life and contribution to the business each year.

true or false

3. The straight line method of depreciation is the most popular form used for capital allowance (CCA) calculations.

true or false