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Author Topic: CCA question for Canadian millers  (Read 381 times)

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Offline MattM

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CCA question for Canadian millers
« on: September 17, 2023, 10:15:57 AM »
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  ???
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Offline Stephen1

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Re: CCA question for Canadian millers
« Reply #1 on: September 17, 2023, 03:42:12 PM »
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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Offline MattM

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Re: CCA question for Canadian millers
« Reply #2 on: September 17, 2023, 06:27:28 PM »
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
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Offline fluidpowerpro

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Re: CCA question for Canadian millers
« Reply #3 on: September 17, 2023, 06:33:11 PM »
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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