Jump to content
Français

Search the Community

Showing results for tags 'cca'.



More search options

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • UFile General
    • Why I use UFile
    • How to request an adjustment
    • General
    • Feedback and suggestions
  • UFile Online
    • Getting Started
    • User name and password
    • Importing data
    • Printing and saving your tax return
    • Technical questions
    • Electronic filing (NETFILE)
  • UFile for Windows
    • Buying UFile for Windows
    • Standard VS Plus
    • Installation
    • Updates
    • Importing data
    • Electronic filing (NETFILE)
  • UFile PRO
  • UFile T2
  • Tax questions

Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


AIM


MSN


Website URL


ICQ


Yahoo


Jabber


Skype


Location


Interests

Found 25 results

  1. Not sure what I'm doing wrong, but when entering in values for CCA, I see in my T776 Area A calculation my base amount (col 7) and my CCA rate (col 8), but my CCA for the year (col 9) shows 0, and I haven't figured out how to get that to change. Under CCA I've entered the property as a Class 1 - 4%, added the purchase date, opening balance, Partner level allocation and the % used for business. Anyone have ideas on how to adjust that? Thanks in Advance!
  2. I started a new business in June, and I have been tracking expenses with an electronic mileage and expenses log, however I am using a passenger vehicle that I purchased in 2014, and originally, I thought that I could charge the CCA mileage rate, but my business mileage is over 90% of the use of the vehicle since the business opened, so I'm trying how to claim expenses with a personal vehicle, or do I list it as purchased, and do I use the current value of the vehicle (blue book) or do I still have to claim the purchase price in 2014?
  3. CEC at December 31, 2016 is converted to class 14.1 for 2017. The CRA says that the transitional rules are to allow 7% (rather than the 5% for class 14.1). Further, you can deduct the greater of opening UCC @ 7% or $500. However, I can not see anyway to change the amount of CCA from the 5% calculated. What am I missing?
  4. My wife and I have a Business partnership and sell electricity to Ottawa Hydro through the Microfit program. This is my first year filing as a business and am not sure what to put for the following line which both give different numbers... In the CCA 43.2 page, there is a line that asks "To whom the CCA should be allocated". Business Level or Partner Level. Not sure which one to select...
  5. I am using my car for both personal and, starting this year, professional (sole proprietor) use. I have added the CCA amount using Fair Market Value and the half-year rule, and entered the amount of kilometers for business use and total kilometers. However, UFile is NOT generating anything for the Personal Use Part (column 4 of Area B - Equipment Additions in the year) on the basis of the kilometer ratio; nor is there anywhere to enter the personal use part manually. Where/how do I enter this in UFile so that only the business part of the CCA deduction is calculated?
  6. Hello, I’ve a question about self-employed Capital Cost Allowance. I’ve set up my file so that I’m entering information in the Motor vehicle expenses on my professional self employed section. Here’s where I’m confused. I bought this Class 10 vehicle Sept 2016. If the total value of the vehicle was $9000.00, what amount would I put into “Description and adjusted cost base of the vehicle”. What is the ACB of this? Does it apply? Also, am I correct in thinking that a value of $0.00 goes in “Opening Balance of the underpreciated capital cost?”. Why? In the “Addition of a vehicle” section I’ve added a description of the vehicle and the vehicle cost ($9000.00) – Do I put this vehicle cost twice on the sheet? Under both “Description and adjusted cost base of the vehicle” AND “Description of the vehicle and vehicle cost?” Thank you, B
  7. In 2015 I was employed as a commissioned sales person working out of my house. I easily claimed vehicle expenses and home office expenses for 2015 with UFILE. I was employed as a commissioned sales person in 2016 as well up until May of 2016, at which time I became a self employed sales person on commission. I need to claim vehicle expenses and home office expenses both as an employee and as a self employed sales person for 2016. Splitting the home office expenses between the two from January to May, and from May to December is pretty straight forward I think. The motor vehicle expense has me a little confused though. UFILE has calculated the opening balance of the undepreciated capital cost for 2016 automatically, which is fine. I can accept that in the section for my employed term up until May 2016, and enter the vehicle expenses between January and May 2016 there too. The question is: What is the right way to enter the vehicle expenses, including the undepreciated capital cost and/or adjusted cost base in the self employed section for May to December? Are there any other issues I need to be aware of? Any guidance is appreciated.
  8. alorraway

    CCA recapture

    Been struggling a while on how to fill out Ufile for a sold rental property. I know i will need to show CCA recapture into the income but not sure how to enter the details into Ufile. In the CCA section, I have a Class 1 building ACB of $21K, UCC of $19K and Class 8 furniture ACB of $11K and UCC of $6K. I'm not sure what to enter in the field 'Proceeds of Disposition of an asset'. If i look at the actual T776, it seems to show that the proceeds should not exceed the capital cost. So i would just enter the ACB amounts? I sold the entire property for $440K, purchased for $380K. I have expenses on purchase and sale of course, but i have entered these in another section so i don't think i need to enter them in the CCA section as well. thanks.
  9. Does anyone know what this question means for a class 8 and/or class 50 entry? I know that a class 8 has a 20% rate and a class 50 a 55% rate, is that what they are asking and to put here or is it how much of the CCA applies to that particular entry (100%) of which 22% and 50% will be deducted automatically? Thanks.
  10. How do I make the entry in the CCA section when the asset(s) no longer exist? For example, in one section I've had two cameras pack it in and no longer work so I don't have them any longer. Is there a point where I should just consider an asset completely depreciated? In this case my laptop only has 87.45 left as the undepreciated value. If I should depreciate the entire balance, how do I make the entry?
  11. I am looking for help on how to record the depreciation for appliances and furniture for a rental - Class 8. It is the first time that I am recording it for those items and is not a half-year as I bought them last year. Assuming that the initial cost is 10,000$, should I put the initial cost in the "Opening balance of undepreciated capital cost" or "Amount of capital additions". If in one of them, what do I have to put on the other one? Also what do I have to put in the "ACB of the depreciable capital property in this class". For the disposition entries I assume that nothing needs to be specified there since I didn't dispose of it. Please help and thank you.
  12. I bought a bunch of equipment for video production in 2014 and entered them as CCA in Ufile. Ufile now says that I cannot electronically file the return because I entered more than 8 classes. Can I combine all the items and enter them as one purchase called video equipment, as class 8 as opposed to entering them line by line, item by item. I bought over 20 different pieces of equipment ranging from lenses, sound equipment, green screens, shoulder kits, tripods, accessories..etc and would like to claim them as CCA.
  13. Hi Everyone, I bought a 4-plex this year and I can't get Ufile to recognize or register anything in Lines 9923 and 9927 of form T776 (page 2). During the interview process, I add a Class-1(4%) CCA form and enter the value of my asset (the building) along with other details. I then add a separate Land - Non Depreciable CCA form and enter the evaluated value of the land on which the building sits along with other details. No matter how I swing it, line 9923 (cost of land additions) and line 9927 (cost of building additions) of my return remain blank. Any help would be appreciated. Thanks.
  14. The vehicle I use for my sole proprietor business is used 85% for the business and the remaining 15% for the family. The vehicle was purchased by way of a loan in my wife's name but the vehicle is registered in my name. Can I claim CCA deductions on the vehicle based on the vehicle being registered in my name or is the fact that the vehicle is technically owned by my wife through the car loan prohibit me from claiming CCA? Thanks
  15. HI, I sold my old car in 2012 that I was claiming CCA (class 10) on and bought a new car in the same year. How do I enter this in the Ufile program? I know that since it remains in the same class that it should not trigger a terminal loss or anything like that but i should be able to see reduction of the ACB of the old car and an increase in ACB of the new car resulting in a higher CCA. Thanks.
  16. I have a townhouse and rent it to students. I don't live with the students. In CCA section, Class 1 -4% page, there is the question "To whom the CCA should be allocated". In my case, I think I should select "to yourself alone". But I cannot find such option in the drop down list. There are only "Business level" and "Partner level" there. Is this a system error? If not, which option should I select? Thanks!
  17. I'm having trouble understanding what to include for expense deductions. Here's some rough numbers for an example: Self-employment income: $1000 Home office expenses: $2000 (chose 70% as portion of PERSONAL use for electricity, phone, rent, etc. so the true calculated amount by UFile should be $600 for the deductible amount) Business expenses: $975 (such as supplies, advertising, professional dues, etc) CCA items: $2300 (such as computer equipment & software, photography equipment and tools) My deductions far outweigh my income, so should I not include some of the Business Expense or CCA items and save them for next year? The program calculated a negative net income for self-employment, is that allowed? I've read you can't use deductions/CCA to create a loss? To make things even more complicated... I also work as an employee, with a home office 50% of the time. (So I'm claiming Home-office expenses for this as well with T2200 form). But maybe my negative self-employment income is OK because I still have a positive overall net income? Thanks in advance
  18. Hi there, Just wondering if we have to calculate the percentage of a CCA or if UFILE does it for us? If I have a Class 8 item that cost me $100, do I put $20 or $100 in the Amount of Capital Additions? Do I have to enter an ACB at all? Also, I acquired the item this year, but may not need to use it as a deduction, so if I save it for next year, does it escape the half-year rule? And do I have to select "NO" on the line Did you liquidate all assets in this class? or can I leave it blank as it's not applicable to me? Lastly, will UFILE fill in the Opening Balance for all items next year? I appreciate your help!
  19. How do I get the program to recognize a disposal of a fixed asset that is not fully depreciated? I can't get anything to show up in Area D of the tax return which is supposed to reflect disposals.
  20. I don't want to use the rental property's CCA, how do I override the automatic entering of the CCA on line 9936 of the T776 form?
  21. Class 10 CCA is not calculating. I have carried over UCC from 2012 into 2013 and sold the vehicle in 2013 for less than the UCC but CCA doesn't show an amount. Should be col. 7 x 8. I don't get it. have tried many things to get inputs to compute
  22. Some Clown

    Self-employment

    If you stop being self-employed for a couple of years, because of full-time work for an employer, and then go back to self-employment, is it the first year of the business, again?
  23. I don't to claim the rental property's CCA, how do I override the automatic entering of the CCA on line 9936 of the T776 form?
  24. Seems strange to explicitly remove these search terms when queried. These were actually the first search terms I tried after signing up for an account here! Makes locating some topics more challenging. For example, I tried to search for: "cca personal" Result is it just searches for personal, which gives results much less useful. Even less useful, tried searching for "cca bug". Removes both search terms! Is there some explanation why these are excluded from search attempts? It's a little frustrating.
  25. Hi, I am a little confused on a section called "Employment Expenses" and I will try to explain as clear as possible. I incurred various expenses relating to motor vehicle expenses. On the motor vehicle expense schedule, I entered all costs that I incurred including my new vehicle used for business and personal use. The system asked me whether I would like to claim GST/QST rebate on those expenses. I clicked yes and then entered the GST and QST numbers. My question is whether the GST and QST rebate is only on expenses other than CCA or does it include CCA. The main reason I am asking this question is because the rebate does affect the UCC balance next year while expenses GST QST rebate become income next year. Additionally, I am not sure if I correctly entered the addition to vehicle cost. I included all costs including interest given interest is pre-calculated on the day of purchase. Is it ok to include the full price or must I separate the interest portion and only include 1/5 of the interest in the expenses. Thank you, Jacques
© 2013 ImpôtExpert, Thomson Reuters. Tous droits réservés. Politique de confidentialité
×
×
  • Create New...