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

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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.

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