[ziggy]

I got a paper today that says in the new budget the CCA or capital cost allowance that entitled a business owner to write off only 45% of their computer equipment has now been increased to 100%.
So untill February 11th 2011 any computer you buy will be 100% tax write off unless I'm reading this wrong.

The 100% CCA rate will also apply to property currently in class 29 that would otherwise be described in class 50 of schedule II of the income tax act.

Anyone seen this or have more info on it?

[ridenrain]

I tried but ICBC clamed that I was 100% at fault.

[herbie]

Yeah it's true. So join Amway and write off a new laptop. And one room of your house as office space, mortgage, hydro, phone, internet, etc. Plus you can depreciate your car and vehicle expenses.
The tax system does almost anything if you'll make your own job.
It used to be you bought new computer stuff every three years, then sold your system for $100 to someone you knew, or leased.

[martin14]

wow, ancient codes.
I have been writing 100% for years now.
3 years and out.

[Yogi]

herbie wrote:

Yeah it's true. So join Amway and write off a new laptop. And one room of your house as office space, mortgage, hydro, phone, internet, etc. Plus you can depreciate your car and vehicle expenses.
The tax system does almost anything if you'll make your own job.
It used to be you bought new computer stuff every three years, then sold your system for $100 to someone you knew, or leased.

Yup, me too. You need a better accountant Zig if they haven't been doing this for you!

[ziggy]

Yogi wrote:

herbie wrote:

Yeah it's true. So join Amway and write off a new laptop. And one room of your house as office space, mortgage, hydro, phone, internet, etc. Plus you can depreciate your car and vehicle expenses.
The tax system does almost anything if you'll make your own job.
It used to be you bought new computer stuff every three years, then sold your system for $100 to someone you knew, or leased.

Yup, me too. You need a better accountant Zig if they haven't been doing this for you!

It was a paper at the computer store in bonnyville where I got an inverter.
It's not the 100% write off but the depreciation.

It's changed with Harpers budget,not the same thing you guys are talking about.

And I would never join Amway,I have my own numbered limited company,I pay EI but cant collect,pay wcb and hope I never have to collect.
Want to buy some shares?

[Axeman]

herbie wrote:

Yeah it's true. So join Amway and write off a new laptop. And one room of your house as office space, mortgage, hydro, phone, internet, etc. Plus you can depreciate your car and vehicle expenses.
The tax system does almost anything if you'll make your own job.
It used to be you bought new computer stuff every three years, then sold your system for $100 to someone you knew, or leased.

Right-offs don't amount to anything unless there's income. If you only make $2, you can only write off $2 in office space, mortgage, etc.

[ziggy]

Axeman wrote:

herbie wrote:

Yeah it's true. So join Amway and write off a new laptop. And one room of your house as office space, mortgage, hydro, phone, internet, etc. Plus you can depreciate your car and vehicle expenses.
The tax system does almost anything if you'll make your own job.
It used to be you bought new computer stuff every three years, then sold your system for $100 to someone you knew, or leased.

Right-offs don't amount to anything unless there's income. If you only make $2, you can only write off $2 in office space, mortgage, etc.

Well it's a new thing in Harpers budget and it only last 2 years.
This is new,not your regular write off's.
Now I have a good internet connection,I'll check it out tommorrow and post any changes.

[herbie]

I like when you're self employed and finally gather all the papers together and send it in showing you LOST $5000 the year before. Then the CRA phones and writes asking when they can expect the $500 fine for late filing.
Or they send 2 employees to town where entire blocks are plywooded up and the 70 year old owner is running the gas station by herself with 3/4 of the shop covered and shut down and the heat and lights turned off and want to know why she 'used to' remit $5000 a month in payroll expenses so she must now obviously be ripping them off.