One reader asks how to figure out when he should claim condo repairs as a capital expense, now or later. Find out what he should consider.
Obviously, a current expense is better than a capital expense, but you cannot pick and choose. The offers a few examples of capital expenses and current expenses and breaks the differences down into a few basic questions to understand where an expense stands.
Overall, we can simplify by stating that current expenses generally recur over shorter periods of time whereas capital expenses provide a lasting benefit. A simple example would be repairing a broken ceiling fan versus replacing an entire fridge.Article content The Canadian tax system uses an increasing scale of tax brackets that tax individuals at higher percentages at higher levels of income. Though claiming a CCA could result in a lower taxable income in any given year on an absolute basis, it may not always make sense to make the claim as you can defer it to a later year where it may make more sense.Article content
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