TaxCycle | Products | Pricing | Training | Documentation | Support | News

New Immediate Expensing of Depreciable Property for Corporations

Do we have an idea when this will be in the program?

Can we override the claim to file now or will that screw up things with CRA

Thanks

@jimt

We are waiting for the draft legislation to be available. We are just as anxious as you. The CRA has communicated to us that we must not implement immediate expensing enhancement to TaxCycle at this point.

With the upcoming federal election, many things are on hold in the governments it seems. COVID19 is not helping that either.

Here is a little sonething we wrote a while back.

New Immediate Expensing of Depreciable Property for Corporations (T2 Schedule 8) | TaxCycle.

Steven

Just to be clear, please do not override CCA to apply accelerated CCA.
The CRA is not ready to process this.

Steven

1 Like

Any news post election?

Any news on this? Files are starting to backup in our office…

@jimt

I am sorry I can’t offer any better news but there has not been any development. If you have T2 returns that are coming due, I would not advise you to wait. I know it is very frustrating. We are all anxiously waiting for a draft legislation of some kind.

Thanks for your patience.

Steven

I just want to reiterate that, should a preparer decide to override S8 to claim the immediate expensing of CCA, the CRA will not allow the additional CCA until as such time that immediate expensing rule receives Royal Assent and is legislated.

Steven

Steve

I think it is time to call Justin

Nothing is going to be late… yet. Rather not have to amend, hoping for something soon.

Any news yet