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Sweet Acacia Limited purchased an asset at a cost of $35,000 on March 1, 2020. The asset has a useful life of seven years and
Sweet Acacia Limited purchased an asset at a cost of $35,000 on March 1, 2020. The asset has a useful life of seven years and an estimated residual value of $1,300. 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 $ 2021 $ 2022 $ 2023 $ 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 $ 2021 $ 2022 $ 2023 $
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