CCA 100% for Business - What if I sell the business in the same year?

[chez]

I have a buyer who wants to take over my business and they are planning to take over from the beginning of next month.
Can I buy a Tesla this month while I am still the owner oif the business and claim 100% CCA in my tax return next year?
My accountant is on vacation and hasn't answered my email about this, and I called a bunch of accountants to ask and none of them wants to even spend a few minutes with me as I'm not their client.

 

[Soul Surfer]

AFAIK, you can’t and probably shouldn’t unless you have another biz to claim it on. I think you might be tempting the “hand of fate”, with the CRA (Canada Revenue Agency). Just my 2¢ worth.

 

[Biscuitman]

I have a buyer who wants to take over my business and they are planning to take over from the beginning of next month.
Can I buy a Tesla this month while I am still the owner oif the business and claim 100% CCA in my tax return next year?
My accountant is on vacation and hasn't answered my email about this, and I called a bunch of accountants to ask and none of them wants to even spend a few minutes with me as I'm not their client.

I would say no you can’t. CRA would most likely not allow that imho.

 

[blue_dragon]

There is capital cost recapture. So if you sell, anything above the depreciated price has to be included in your income for that yeat