by Tax Guy - Burlington Accountant on February 1, 2010 Print This Post Print This Post

When a capital asset that is depreciated using Capital Cost Allowance is sold its class of assets is reduced by the lower of the proceeds of the distribution or the original cost. If there is a negative in the class of assets, a gain has occurred and must be included in income for the fiscal year.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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