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We have purchased a new pickup and it is the only vehicle that we own. When I add it as a capital asset, the program will not let me change the business % from 100%. We use it for personal use as well as the business so I thought I should spit it for an account in personal drawings. What would be the solution?
Hi Mary Jane, Class 10.1 is a special class and there is no need to set a business percentage on it. No matter the cost of the vehicle, the claim amount for depreciation purposes is $30,000 and $1,500 may be claimed for GST. If your vehicle cost less than $30,000 then it is considered a Class 10 capital asset. You will not need to put anything into your Personal Drawings.
Costs for repairs and fuel may be split out however you deem best and that's likely a conversation to have with your bookkeeper or accountant. CRA would recommend that you keep a mileage log book and split your expenses according to that.