veardev

Hi folks, quick question, how do I deal with a bad debt that was invoiced in October but we have just now realized we will need to write it off. Do I write it off this year 2021 (the year of the invoice) or next year 2022? Thanks Vear

Hello, I am having difficulty figuring out where to put deferred CC. I purchased computers in 2017 and claimed them improperly during that year. I understand that I should have claimed them as a Capital Cost and depreciate them over each year. I understand I can go into this years (2021) and make a deferred claim for 2017 - 2021 during this years tax form. Can someone point me in the right direction, I do not believe it would go into losses of previous years/ carrybacks as there is no explanation for each years amount unless I am not understanding that either . Thank you for your time. Vear

Hi again, Okay I understand exactly what you are saying, Thank you so much for the explanation. So, from what I understand it's best to leave the 2017 the way the CRA updated it and declare the CCA this year? Sorry I think everything else is fine just clarifying your deferred statement again thanks so much. Vear

Hi TheTaxSmith I had it entered originally as Other Expenses. the CRA contacted me for receipts which I provided. They declined the amounts but stated if I placed them in the proper place it could be accepted. Does everything work as a CCA or is there a spot to just put Capital Costs. The business only ran for 3 years of which I never claimed any depreciation as I had charged the upfront costs in Other Expenses in 2017. Thanks again for helping me out. I am just confused as to Capital Cost (Startup Cost) and CCA. Is CCA the only option? and would this mean I would have to update the past 3 years for the depreciation to retrieve total cost? Thank you

Thank you very much for your response. I guess I don't understand how the CCA works. The computers were not leased but purchased as startup equipment. 2017 was the first year in business. Is there a place on the form where I can put upfront startup costs? I see depreciable assets and such but not upfront costs. Thanks again for your response. Vear

Good day, I am hoping someone can point me in the right direction. In 2017 I purchased some computers for a business I had just started in that year. I had put the cost of the computers and software in "other expenses" which I now have found out that it is not the correct place. I believe I should be looking at Capital Gains? If someone could point me in the right direction of where to post those costs. This is a small business that I run from my house so no business name or account has been created. Just some hobby income. Thank you for you help, I much appreciate it. Vear