S8 Issues in T2

T2
1

Why the program automatically adds $34k as an addition to class 10.1 no matter what amount we enter and then incorrectly computes the CCA?

2

For a passenger vehicle you acquired in 2022 that cost you more than $34,000 before GST and PST, or HST, no matter how much more than $34,000 it cost, the amount you record is $34,000 plus the GST and PST, or HST, that you would have paid on $34,000.

For example, if you bought a passenger vehicle in 2022 that cost $34,000 before the GST and PST, or HST, your vehicle belongs in Class 10.1. Assume the HST on $34,000 is $4,420. Your capital cost is $38,420 ($34,000 + $4,420). You enter $38,420 in column 3.

The maximum capital cost of each vehicle that may be included in Class 10.1 is now $34,000 plus GST and provincial sales tax (PST), or HST.

Include your passenger vehicle in Class 10.1 if it meets one of the following conditions:

  • You acquired it after August 31, 1989, and before January 1, 1997, and it cost you more than $24,000
  • You acquired it in 1997, and it cost you more than $25,000
  • You acquired it in 1998 or 1999, and it cost you more than $26,000
  • You acquired it in 2000, and it cost you more than $27,000
  • You acquired it after December 31, 2000, and it cost you more than $30,000
    **You acquired it after December 31, 2021, and it cost you more than $34,000

If your passenger vehicle does not meet any of these conditions, then it belongs in Class 10.

1 Like
4

Yes, as @darlene mentioned, you have the vehicle in the wrong class. :slightly_smiling_face: