@aaron.doucet.cpa
#TaxCycleT1T2125CCA
COMMENTS
A - In my opinion,asset tracking and CCA claims calcs and audit support is one big pain if no continuity of original docs and calcs are maintained. Anything that TaxCycle can do to make this easier on a yearly and mult-year basis up to 10 years would be helpful.
B - CCA review and audit love to drill down on CCA claims for T2125. The difference between success and failure is based on supporting documents in the form of source documents on an asset by asset basis rolling up to class, detailed calculations for each asset, year over year continuity for each asset from date of acquisition until disposal. These are not trivial numbers. If a claim is disallowed for one year then CRA review and audit loves to go fishing for all non-statute barred years. Anything that TaxCycle can do to make this fuller would help somewhat. If it were complete this would be a godsend.
Will this T2125 CCA release enable any of the following:-
1 - Percentage share of CCA shared unincorporated partnerships based on partnership share %?
2 - Percentage share of CCA shared unincorporated partnerships based on sole ownership such as vehicle, computer, etc %?
3 - Percentage share of CCA for business entity when CCA is shared between several lines of business, each with their own G/L and T2125 for shared items such as computers, vehicle, etc.?
4 - Sole share of CCA for business entity when CCA is used by only one of several lines of business, each with their own G/L with shared and not shared assets.
5 - At time of disposition, improvements to recapture, terminal loss, etc.
6 - Improvements to business vs personal use of capital asset such as vehicle, computer, cellphone.
These have been the only area in which I preferred ProFile over TaxCycle.
7 - Addition of fields to track the following information. Right now I track these in Excel and would prefer these to be enabled within TaxCycle
Date of acquisition
Original acquisition or disposition type = purchase new, purchase used, change of use from personal to business, change of use from business to personal.
Value if new for used purchases
Continuity of CCA claims across multiple years for each asset.
Class #, Class # change when classes change
Pool vs segragated
Accelerated
Anything else quirky when it comes along.