Some changes to Canadian tax code; accelerated capital cost allowances; ZEVs

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Mike

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While preparing my CY 2019 taxes, some changes to form T2125 (Statement of Business or Professional Activities) caught my eye.

Additional notes on page 5 of 6 of T2125 delve into details regarding the acquisition of a ZEV passenger vehicle after 18 Mar 2019 and "became available for use before 2028".

Also, new notes regarding the proceeds of disposition of a ZEV after 29 Jul 2019 state that "the actual cost of the vehicle be adjusted for any payments...of government assistance that you may have received...in respect to the vehicle."

So an FYI for anyone looking to apply the full capital cost limit of $55,000 may have to temper that with any rebate they got at time of purchase.
 

Mike

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Seems fair but sucks no loophole!
I'm glad to see that ZEVs are being allowed accelerated capital cost allowances in our tax code.

Perhaps once Model Y comes out, the plethora of "leased for business purposes" Audi/Mercedes/BMW luxury suvs screaming down the 401 will be replaced with Model Ys...

And maybe the leased 'Sclades (always black) that get "written off" for business purposes will be replaced with Cybertrucks.

I'll go back to day dreaming now...