Another big sale I had was related to my vehicle that I use for business purposes. I paid around $40,000 for the car brand new. My opening UCC on the vehicle is $15,680. I was only able to sell the vehicle for $11,000. Can I take a capital loss on this to reduce my income? If not, what can I take? Explain in relation to Canada tax?

Answer rating: 100% (QA)

Since this vehicle was used for business purposes the sale of the vehicle would have tax implication... View the full answer