Capital cost allowance (CCA)

You might acquire a depreciable property, such as a boat, equipment, or furniture, to use in your fishing activities. You cannot deduct the cost of this property in the year you purchase it, as its useful life is longer than one year. However, you can deduct the cost over a period of several years, because this property wears out or becomes outdated over time.

The deduction for depreciation is called capital cost allowance (CCA). Similar types of depreciable properties are grouped into various classes of capital cost. The class will determine the amount of CCA you can claim. See Chapter 3 of the Fishing Income guide for a list of depreciable property commonly used by fishers, and the applicable CCA classes and rates.

For more information on the rules and how to calculate CCA, see Capital Cost Allowance (CCA).

Forms and publications

• Fishing Income guide (T4004)
• Form T2121, Statement of Fishing Activities