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M
mwfs
September 28, 2020
Question

Corporate T2 CCA and Amortization Expense

  • September 28, 2020
  • 1 reply
  • 0 views

This question is for the Corporate Tax Specialists.  I understand how to report Capital assets on a balance sheet and how to report the CCA on a T2 return.  However, my question is, when depreciating the asset on the balance sheet, and posting it against the income statement.... am I claiming the depreciation as a business expense on the corporate return and also claiming the CCA on the return?

1 reply

PatriciaT
PatriciaT
September 28, 2020

 

Hi mwfs,

 

Here at the community, we're committed to offering you the best technical support to help you navigate in the program. Your question is out-of-scope of the software but will be a great discussion to have with your tax agency or your accountant. They are both are incredible resources if you'd like more information on how your information should be claimed. You can invite your accountant to your account by going to the My Accountant menu and confirming his email address to complete the invitation. Alternatively, you can click on Find a pro to help to access our accountants' list.

 

All the best to you!

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