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S
samm-rakoczy
April 12, 2024
Question

Does my vehicle qualify for DIEP or AII or neither?

  • April 12, 2024
  • 1 reply
  • 0 views
Sole proprietor. I bought a new SUV last year. 60/40 for work/personal use. this is a class 10.1 vehicle (over $36 000) turbotax is prompting me to qualify for DIEP or AII. Do I qualify for either of these?

    1 reply

    G
    GHarpe
    April 12, 2024

    Normally, the CCA recapture and terminal loss rules do not apply to passenger vehicles included in CCA Class 10.1 (passenger vehicles that cost over $34,000). However, if the vehicle has been designated as immediate expensing property, special rules apply such that recapture will most likely be triggered on a disposal. It may be best to contact the Canada Revenue Agency (CRA) to clarify the correct way to claim. You can call them at 1-800-959-8281.

     

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