Adding new letter to a class number

Tax Topics
1

Hi,
I’ve taken over a tax return from a previous accountant who separated out a lot of the company’s assets into individual S8Asset’s in the same class. To the point where there is, for example, 10-a, 10b … 10-t, 10-u.

When I go to type in ‘10-v’ to continue this method, the system won’t let me do it.

Does anyone know how I can add a new letter to a class number?

Whether this is the best way or not is debatable, but for now I want to be consistent.

Thanks!

2

I think I would list everything in TaxCycle Class 8, Class 10, etc and record his detail on a spreadsheet.

3

I would put each building in Class 1 or 3 under a separate number but I agree a list under a Class is the better way to go as so the calculations are in line with the law. You c class 8 item for $5,000, claim $2,000 in CCA and then it dies. You are NOT entitled to a terminal loss if you have other items in Class 8 with a UCC over $3,000. By creating a class for each item, you are at risk of doing just that.