Capital Cost Allowance Not Being Calculated

[Norm Hamilton]

When I add the Capital Cost Allowance to my sole proprietorship information there doesn't seem to be any change in the end result.

It's as if the CCA isn't being included. Any suggestions?

EDIT: Since posting this I've found the information I was looking for in the Tax Return T2125 Part 5. As it turns out it was already completed .

Edited March 1, 2022 by Norm Hamilton
Correction

[TheTaxSmith]

How did you complete the CCA schedule? Seems like something is not entered correctly. Take a closer look at your data entry.

[Denis K]

Hi,

To claim the capital cost allowance, follow these steps:

1 - On the "Left side menu on the Interview tab" select "Self-employment income";

2 - You have completed the "Business identification" pages as well as on the "Income and Expenses" pages and others, if necessary.

3 - Select the sub-section "CCA" and on the screen to the right, choose the category that applies to your situation.

4 - On the new page that appears, record the information on the line "Description and amount of capital additions" and in the field to the right enter the amount.

The cost of acquisition will be reported in column 3 of Area A of Form T2125.

[samr]

I'm having trouble with this area as well.  The cost of additions I have added are not showing up in column 3 of form t2125.

[Geo123]

Hello samr,

*Opening undepreciated capital cost or cumulative eligible capital  < --------From prior year ending UCC value
*Description of assets
*Adjusted cost base of asset(s) in class
*Date the asset was acquired
*Property type for capital gains classification purposes
*Non-accelerated investment incentive property additions - amount and description   
OR for AIIP~
*Accelerated investment incentive property (AIIP) additions after November 20, 2018 - amount and description
*Half-year CCA applies on non-accelerated investment incentive property additions  < - - -If Applicable
*Limit this class to specific CCA/CECA amount < - - -If Wish To Limit CCA
~ Under the Accelerated Investment Incentive, capital investments will generally be eligible for a first-year deduction for depreciation equal to up to three times the amount that would otherwise apply in the year an asset is put in use. Tripling the current first-year rate will allow businesses to recover the initial cost of their investment more quickly.

 

 

[samr]

The problem I'm having is this.  I put amount of acquired asset 13800 and amount of disposed asset 3000, and ufile is not calcuting the difference.  I do not see the 3000 disposed amount anywhere on t2125 form and the cca is not being calculated at all.  It leaves a zero in that box(18).  

Edit: I finally placed the 3000 disposed amount in the correct spaces to see it on form t2125 but it is still not calculating the cca. Column 18 still shows a zero.

[Geo123]

Hello samr,

We would need to see the file to understand your situation.  Please contact UFile Support so we may review the file confidentially.
Please open a request ticket and submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us.  Please include the above note.