January Smith purchased a fancy car, a Ferrari, for $70,000 and claimed CCA over time in Class 10.1. Her opening UCC balance for the current year was $25,000 and she sold the car for $30,000. She has no other pieces of equipment in that pool. Calculate the total impact on her taxable income?

Answer rating: 100% (QA)

To calculate the total impact on January Smiths taxable income from the purchase claiming of Capital ... View the full answer