New Client who doesn't have last year's T2125

Tax Topics
1

I have a new client this year who just started a business in 2022. His previous accountant didn’t give him the full tax return (I’m noticing this is common) so I don’t know what assets were set up and what the UCC of the vehicle is. Is there any way to get this information from CRA? I don’t understand why accountants don’t give their clients their tax returns?! At the very least they should include the asset schedules and any carryforward data.

2

Yes, they should. You can download last year’s tax return from CRA, if you have an AuthRep done. Maybe that will help.

3

Thanks @johanus . I can only download the summary. Is there a place I can see asset classes and UCC?

Plus I don’t know if anyone else if having trouble but I can’t get into RAC today. Is it just me or did tax season run smoother last year when CRA was on strike? Wish they would go on strike more often.

4

Nope not available online “yet”
You can call and ask CRA to send… it will take a very long time.

Best bet is to have client sign an authorization letter allowing you to obtain whatever information is relevant for XX tax years from the “previous accountant”. then personally, reach out to that firm. I have never been denied information by another once I have a signed authorization letter. Alternatively, they can contact the previous preparer.

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5

CRA is always hit and miss on the last day… too much traffic on the lines… keep trying… have a stack of stuff ready… as soon as you get in… devote the time required.

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6

If you have authorization, go in through RepClient. Look up tax returns and click on assessment for prior year. Go down to Schedule 8 and it will provide you with the asset class detail (in an inconvenient way but it works)

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Isn’t Schedule 8 only for T2 Corp Client ?.. OP said it was a T2125, therefore a T1 client ( sole prop or partnership)

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Schedule 8 refers to a T2, correct. I believe we’re using the schedule loosely here… referring to CCA

9

Those details aren’t available via RAC for personal tax clients. Not sure you could get that much detail even when requesting a full paper copy of the return from CRA - as noted by @rachelavryl .