Self-employed

You will have to enter the disposal at the market value at the time of the business closure.  Check on the internet for approximate values and use that as the market value.  Print or copy support for the costs in case CRA calls in some support. You will use the UCC at the beginning.  Put the additional $2,000 in additions, and below show the proceeds in the disposal section.  I suggest giving CRA a phone call as the software might not be following the CCA rule on disposing of all assets in a class as per the link below. 1-800-959-8281.  If you have claimed GST/HST on these assets, you will have to self-assess the difference between the proceeds and the original purchase and remit it back.

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/t2125/cl5-eng.html


View solution in original post