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Question

How to calculate the UCC on my leased car

Forum|Forum|2 years ago
April 29, 2023
1 reply
0 views

leased Sept 2019 retail price is 34,059.00 it is now 2022 so how do I calculate this

If you have claimed Capital Cost Allowance (CCA) in the past on your vehicle used for Business or Employment, you will have a number left at the end of the year known as Undepreciated Capital Cost, or UCC.

If this is your first time claiming CCA on that vehicle, you will not have a UCC amount. UCC is the balance of the capital cost left for further depreciation at any given time.

For example, if you claimed the full 30% CCA on a $10,000 vehicle last year, your UCC would be $7,000

( $10,000 - $3,000 = $7,000 UCC)

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...