When Canadian firms need to determine the asset class and the relevant CCA rate,they can find the necessary information from
A) the Canadian Generally Accepted Accounting Principles (GAAP).
B) the Canadian Revenue Agency (CRA).
C) the respective provincial government's office.
D) the International Financial Report Standard (IFRS).

Question

Quizplus · Accepted Answer

The Canadian Revenue Agency (CRA) provides guidelines on Capital Cost Allowance (CCA) rates, which are used to determine the depreciation of assets for tax purposes in Canada.

When Canadian Firms Need to Determine the Asset Class and the Relevant