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Question

Can I increase the CCA of a vehicle to reduce my overall balance due?

Forum|Forum|1 year ago
April 20, 2024
1 reply
0 views

I have two self employment incomes. One is UBER driver, the other is TURO car sharing host. can I use the CCA of a vehicle I bought for the car sharing to create a loss in order to reduce tax balance from my UBER income?

No. You can only claim up to the maximum CCA that's calculated for the year.

ahmedsf2020Author

I know but it will create a lose in one business. I have two vehicles one for UBER driver, the other for TURO hosting. Can I use the available CCA of the vehicle on TURO to create a loss in the TURO income in order to decrease my tax balance I owe as UBER driver income?

Yes, for self-employment income, you can use CCA to create a loss.