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gloriabl
New Member

How do you enter details for unclaimed Capital Cost Allowances on equipment purchases from previous years using TurboTax Online?

The form is only letting me input the following:

1) UCC at the beginning of the year.
2) CCA for assets purchased during this past tax year and not prior years.

Essentially, I am self-employed and upgraded a lot of my equipment that I use to run my business. I purchased a new laptop, a new cellphone, and a smart watch all in 2018 but for some reason they are not appearing as having been claimed on my 2018 Income Tax return.

As such, I am wondering how I can add them into my 2019 Income Tax return instead?

I am filing myself for the first time using TurboTax Online for the Self-Employed, so this is a big learning curve for me.

Any help is greatly appreciated! Thank you!
1 Reply

How do you enter details for unclaimed Capital Cost Allowances on equipment purchases from previous years using TurboTax Online?

If you never claimed Capital Cost Allowance (CCA) on items you purchased and used in the course of your business in 2018, you can add these items by including them with an Undepreciated Capital Cost (UCC) amount.

 

As you have not claimed any CCA on these items, include the actual cost as the UCC. As CCA is an optional claim, you could have added these items in 2018, but just not taken the deduction. This means your UCC would be the same as if you added them last year. The difference is this year you will get the "full claim" as you are not subjected to the half-year rule.

 

How Much Capital Cost Allowance Can You Claim?