Timeline for If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return?
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| Jan 31, 2014 at 18:27 | comment | added | Chris W. Rea | Have a look at Form T777 (PDF) ... the middle section on the first page is for calculating your allowable automobile expenses. Line 9 is the capital cost allowance, and the next page in the document describes how to calculate it. You'll also want to refer to Guide T4044 (PDF). Note that if you are an employee, you can only claim such expenses if your employer provides you with a T2200 slip permitting such. Only some kinds of employees can deduct car expenses -- most cannot. | |
| Jan 31, 2014 at 17:15 | comment | added | Chris W. Rea | The loss on the sale of the car doesn't qualify as a business expense. If you were claiming a portion of your car expenses as a business expense, you would have had an opportunity, each year, to claim a portion of the Capital Cost Allowance (CCA) for the vehicle. CCA is a form of depreciation. Did you do that? | |
| Jan 31, 2014 at 15:58 | comment | added | Victor123 | Thanks a lot. But if I use the car to generate income (i.e get to work, lease it out for a day), is it still considered personal use or does it qualify as business expense? | |
| Jan 31, 2014 at 15:55 | vote | accept | Victor123 | ||
| Jan 31, 2014 at 1:44 | history | answered | Chris W. Rea | CC BY-SA 3.0 |