Can you explain how to obtain the new Accelerated Investment Incentive from the 2018 November Economic Update using TurboTax Business Incorporated on form S8Class and S8?
I cannot see a way to use the software to handle this new change to the CCA rules.
Can you explain how to obtain the new Accelerated Investment Incentive from the 2018 November Economic Update using TurboTax Business Incorporated on form S8Class and S8?
Hello,
CCA is calculated based on the class you have selected, the software is CRA compliant meaning based on the class you selected the software will calculate the appropriate CCA Rates. If however you believe the software is not calculating as you would expect I would first check with CRA tax tip line in order to obtain the appropriate rates and class, then if required over ride the CCA rates on the S8Class which will flow over to the S8. CRA tax tip line is 1-800-267-6999.
Can you explain how to obtain the new Accelerated Investment Incentive from the 2018 November Economic Update using TurboTax Business Incorporated on form S8Class and S8?
Your answer indicates you are not aware of the new CRA rules announced in the 2018 November Economic Update. The CCA initial half-year rule was suspended, and the current version of the TurboTax Business Incorporated software does not appear to deal with this change. Please see page 57 & 58 from the following Canadian government release: https://www.budget.gc.ca/fes-eea/2018/docs/statement-enonce/fes-eea-2018-eng.pdf
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