BU357 Lecture Notes - Lecture 8: Intangible Asset
Document Summary
Classes and cca rates: the act assigns various types of assets to specific classes, each class has a specific rate attached to it signifies the maximum deductible in a year, no requirement to claim the maximum: One account per class: class 1 (4%) - building after 1987, can choose to claim any amount up to the maximum. Part xi: under each class of asset, you may have more than one asset, class 8 (20%) - miscellaneous tangible such as furniture, fixtures, One class, one cca rate regulate by gov. Provided in ita: class 1 mb (10%) used at least 90% for m&p after mar 18,2007, class 1 nrb (6%) non-residential building after mar 18, 2007. March 18, 2007 federal budget federal gov. stated the 10% rate. Non-residential buildings (nrb): e. g. garage not rental properties, non residential: class 10 30, class 10. 1 30% M&p: manufacturing & processing if at least 90% used for m&p = mb.
