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Capital cost allowance on inflatable boats
09-28-2010, 10:11 AM
Post: #1
Capital cost allowance on inflatable boats
I purchased some inflatable boats for resale, and at the end of the year, I had a demo inflatable boat and a demo outboard engine. Will this be considered as inventory at yearend?
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09-29-2010, 04:19 PM
Post: #2
RE: Capital cost allowance on inflatable boats
If you used the boat as demo, it can be classified as your demo inventory and you can write off depreciation or capital cost allowance under the Class 7 classification, with a CCA rate of 7%. Remember that the half year rule applies for the first year.
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12-30-2010, 03:30 PM
Post: #3
RE: Capital cost allowance on inflatable boats
It is more difficult to set prices when there is deflation. Thanks for the information.
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