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CCA question for Canadian millers

Started by MattM, September 17, 2023, 10:15:57 AM

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MattM

For tax purposes what Capital Cost Allowance class does your portable sawmill fall under? I don't mill lumber to sell I just do portable milling of other people's logs. I'm thinking its class 43 or 53, but the wording they use for some of the classes is bloody vague  ???
LT35HDG25

Stephen1

I leave that to my accountant. I would pick the most advantageous to me and let the CRA tell me it's the other one. As long as you're willing the pay the difference it is acceptable. 
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MattM

They both allow the same deduction. I would just like to know the proper category to get everything straightened away for next year. I definitely don't want the CRA to end up telling me which one it is, I would rather get it right the first time rather than get audited and pay the govt more money than I already do  :-X
LT35HDG25

fluidpowerpro

Ya, you don't want to open that can of worms...
Change is hard....
Especially when a jar full of it falls off the top shelf and hits your head!

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