TaxCycle has a form under the income statement category called IEL - Immediate expensing limit agreement worksheet that comes with an automatic diagnostic nag for anyone who is married and has a business or rental statement.
That worksheet lists the possible EPOPs and presumably one would enter a allocation of the IEL limit on that worksheet. This worksheet pre-populates with the individual’s name & SIN and their spouses name & SIN if they are married.
My question is where does the worksheet pick up the SIN or BN for the business that it lists in that area if the client has a business? There is a yellow diagnostic message in that area that says “Enter Identification Number if Applicable” presumably because the field is blank.
When I enter the BN number of the business it shows up as an over-ride. If I remove the over-ride it goes blank again. The client’s BN is properly entered in the correct area of their partnership T2125 but this doesn’t seem to flow to this IEL allocation worksheet.
Does any of the information on this worksheet get sent to CRA?
I suppose the reason I ask whether this gets sent to CRA is the EPOPs (Eligible Person or Partnerships) must file an agreement (in prescribed form) to allocate the 1,500,000 immediate expensing limit. Does this worksheet constitute the prescribed form?
It seems possible that if a client has a corporation and is also either a sole proprietor or a partner in a business at the individual level and a 2022 T2 return had been filed earlier in the year or in 2022 indicating either no association with another EPOP or 100% of the IEL was allocated to the T2 return the sole proprietor has an IEL of zero.