Sale of vehical

This discussion clarifies the tax implications when selling a business vehicle, specifically a pickup truck, on which Input Tax Credit (ITC) was not claimed. It explains that profit from the sale is taxable under the Income Tax Act if the vehicle was capitalised and certain conditions regarding other plant & machinery or the sale value exceeding the written-down value are met. The advice also distinguishes this from GST, stating that capital gains for income tax purposes are calculated differently and do not directly involve GST margin calculations.