Canadian taxation problem

I’m working on a Accounting question and need an explanation to help me understand better.

Assignment #5 – CCA – Due Sunday, October 18th at 11:59PM AST

Don't use plagiarized sources. Get Your Custom Essay on
Canadian taxation problem
Just from $10/Page
Order Essay

Prepare your response in Word or Excel. If you use excel, show all supporting calculations clearly in supporting notes. Adam will not be viewing formulas inside cells to award partial marks.

Remember Maddie ?

She operates an unincorporated business, providing life coaching services. The business is called Vision Finder and operates out of a rented space that includes a waiting room and a meeting room, where Maddie coaches her clients. UCC balances for Vision Finder on January 1, 2020 are as follows:

Class 8 Class 10 Class 13 Class 50
Jan 1, 2020 $5,000 $17,000 $14,000 $3,000

The following information is available about the assets on hand on January 1, 2020 and the capital asset transactions that occurred during 2020:

1. Furniture was acquired on March 15th for $7,000. Old furniture was sold for proceeds of $1,000. The cost of the old furniture was $3,500.

2. The Class 10 vehicle was disposed of because Maddie realized she preferred biking to her office, and it was too expensive to maintain a vehicle for business purposes. She sold the vehicle for $12,000. The original cost of the vehicle was $22,000. There are no other assets in Class 10.

3. The 4-year lease term started on January 1, 2019, at which time $20,000 was invested in leasehold improvements. Additional improvements costing $6,000 were made in 2020.

REQUIRED 1: Calculate maximum CCA for Vision Finder for the 2020 tax year. Your answer should show all supporting calculations and indicate the maximum CCA that can be claimed for each CCA class. In addition, determine the amount of any capital gain, recapture or terminal loss that arises.

REQUIRED 2: Maddie recently obtained a quote from a professional interior painter. It will cost $1,000 to have her waiting room and meeting room repainted a color that matches her furniture and style better. Before she decides to incur this cost, she would like you to explain what the tax treatment will be. Explain to her in detail. (3-4 sentences)

REQUIRED #3: What is the minimum CCA deduction that could be claimed for the 2020 tax year? Explain in one sentence.

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool’s honor code & terms of service.

Get professional assignment help cheaply

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Our essay writers are graduates with diplomas, bachelor, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.

Why choose our academic writing service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 20% with the discount code VICTORY