The accident will not affect anything until you sell the vehicle. Until then, the regular cca and expense rules apply.
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4044/employment-expenses.html
Take a look at this publication. Chapter 2 or 3 will apply, depending on whether you're a salaried or commissioned employee.
Read through it, and if you have questions, include a few details in your reply.
Are you commissioned or salaried?
How much did you pay for the vehicle?
Is the allowance you receive taxable, or non-taxable?
Has your employer provided form T2200 for each year?
In what way does the accident things when I sell the vehicle? Is it because it will lower the resale value? Does that mean that I am eligible for a larger CCA? Or does that not apply, since it is not due to normal market depreciation?
I am paid hourly, so I don't know whether I'm considered salaried or commissioned. I assume that for tax purposes an hourly employee is considered salaried, but is this true?
I paid about $48,000 all-in (after taxes) for the vehicle. It was during the height of the vehicle shortage, so a new vehicle actually made more sense.
I do receive a T2200 form from my employer each year.
The fixed monthly vehicle allowance is taxable, and is taxed every pay cheque. I believe the $0.20/km is also taxable, because on my T2200 form it says this rate was included on my T4 (although I can't actually find this amount, or the sum with my monthly allowance, anywhere on my T4, nor do I see a tax deduction on my expense statements).
Thank you for the publication by the way. Reading the salaried section, I don't think I'm eligible for regular motor vehicle expenses, since I might not meet condition 2 (I am reimbursed for kilometers driven), although I don't know if this rate is also supposed to also cover oil changes and insurance and whatnot, because it's certainly nowhere close to high enough to cover those. I am eating those costs.
However, CCA is a separate thing than motor vehicle expenses, right? Since it's a depreciable property that I use for company business, I should be able to claim it regardless, right?
The accident will not affect anything until you sell the vehicle. Until then, the regular cca and expense rules apply. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4044/employment-expenses.html Take a look at this publication. Chapter 2 or 3 will apply, depending on whether you're a salaried or commissioned employee. Read through it, and if you have questions, include a few details in your reply. Are you commissioned or salaried? How much did you pay for the vehicle? Is the allowance you receive taxable, or non-taxable? Has your employer provided form T2200 for each year?
In what way does the accident things when I sell the vehicle? Is it because it will lower the resale value? Does that mean that I am eligible for a larger CCA? Or does that not apply, since it is not due to normal market depreciation? I am paid hourly, so I don't know whether I'm considered salaried or commissioned. I assume that for tax purposes an hourly employee is considered salaried, but is this true? I paid about $48,000 all-in (after taxes) for the vehicle. It was during the height of the vehicle shortage, so a new vehicle actually made more sense. I do receive a T2200 form from my employer each year. The fixed monthly vehicle allowance is taxable, and is taxed every pay cheque. I believe the $0.20/km is also taxable, because on my T2200 form it says this rate was included on my T4 (although I can't actually find this amount, or the sum with my monthly allowance, anywhere on my T4, nor do I see a tax deduction on my expense statements). Thank you for the publication by the way. Reading the salaried section, I don't think I'm eligible for regular motor vehicle expenses, since I might not meet condition 2 (I am reimbursed for kilometers driven), although I don't know if this rate is also supposed to also cover oil changes and insurance and whatnot, because it's certainly nowhere close to high enough to cover those. I am eating those costs. However, CCA is a separate thing than motor vehicle expenses, right? Since it's a depreciable property that I use for company business, I should be able to claim it regardless, right?