Asset Summary

Tax Topics
1

Happy New year to all members. Need a clarification. I completed the Car details of my client under “Motor vehicles” Form on Tax cycle in 2019 which were carried forwarded to 2020 along with CCA. I have some other small asset like phone & furniture. When I look to the Asset Summary, it only shows Phone & furniture. My Question is why the Summary does not show car which is also an asset.
I may clarify that only Asset mentioned on on “Asset” forms are showing in Asset Summary. However I’m wondering Car is also an Asset & why not showing on Asset Summary.

Thanks

2

If the car is personal,but used for the company partially, the car is not the asset.

3

Yes thanks, it means any asset which is used partially, no matter at what percentage, will not be considered as an asset. Accordingly in dissolution of company, the same asset would also not be counted in calculating net worth. Thanks one again for clarification

4

No, if it is owned by the company, it is asset, if it is owned by person, It’s not asset.

5

Thanks Laura Yu