If an asset was purchased in 2019 used in a sole proprietorship but not accounted for and no CCA was claimed what should be the date of acquisition on the 2020 tax return - actual date or 1/1/2020?
I posted a similar question under the T1 category [Vehicle acquisition date [2125 CCA 10.1] - T1 2020] but that may not be the right category for this question.
Thank you
TaxCycle will beep at you if you try using last year’s date, but I would still use that date and claim the full CCA rate. It might not be completely according to the book but I would not hesitate to do so.
In cases like these I conclude that the asset was a personal item for 2019 thus not accounted for, and acquired by the sole proprietorship in 2020 at a 2020 FMV.
Thank you for your responses!