Capital cost allowance tax deductions result in tax savings that partially offset the cost of acquiring the capital asset.

Name: Capital cost allowance tax deductions result in tax savings that partially offset the cost of acquiring the capital asset.
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Question

Quizplus · Accepted Answer

Capital cost allowance (CCA) allows businesses to deduct a portion of the cost of certain capital assets for tax purposes. This deduction results in tax savings which reduce the net cost of the asset. Therefore, the statement is true.

Capital Cost Allowance Tax Deductions Result in Tax Savings That