cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Created with Sketch. Click here to learn more about upcoming webinars for ProFile.
Created with Sketch. Watch the recording of our ProFile eSignature Feature Demo.
Ag-Tax
Level 1

T2 returns. depreciable property disposed

I only do 1 T2 return, corporation is inactive now. All depreciable property was disposed at UCC for year end 2020. The program insists on an amount on line 1742 on Schedule 100. Yet no depreciation was claimed.

How do I correct? For the purposes of the S100 would I still claim the amount that would have been claimed? That seems to be only solution.

6 Comments
ProFile Duncan
ProFile Team

T2 returns. depreciable property disposed

Hi, thank you for using Intuit ProFile Community

If there are no depreciable assets then nothing should show for this class of assets on s100. S100 should reflect the company balance sheet as per the accounting books. Any unwanted lines on the s100 can be removed by right clicking on the line and selecting delete line

Hope this helps

 

Ag-Tax
Level 1

T2 returns. depreciable property disposed

Thanks for the info. Have tried that but line 1743, accumulated depreciation requires an amount at 1742.

So, do I also delete 1743 amount for current year. You can see why I choose to avoid corporations

ProFile Duncan
ProFile Team

T2 returns. depreciable property disposed

Hi, thank you for using Intuit ProFile Community

It would make sense that accumulated amortization would also be removed from the balance sheet if all depreciable assets have been disposed

Hope this helps

Ag-Tax
Level 1

T2 returns. depreciable property disposed

And on it goes. Deleting the amounts on line 1742 and 1743 of schedule 100 still brings up the caution that total assets does not equal total of liabilities and shareholders equity. yet the totals do match. I have tried clearing and sign off and neither works. I can not get the eligible to efile indicator.

This brings up another issue. The Reconciliation of NBV and UCC. This form requires the opening value of business assets and then also asks for the NBV value end of the year. With assets disposed there would be no NBV at end of year. 

I am confused. Do I also then remove the opening NBV?

Ag-Tax
Level 1

T2 returns. depreciable property disposed

As a follow up. I have managed to clear the efile error regarding the schedule s100 and I deleted the opening value for the S8Supplemetary, NBV beginning of the year. It looks like it works, but I would appreciate your opinion. I expect CRA to want to review.

ProFile Duncan
ProFile Team

T2 returns. depreciable property disposed

Hi, thank you for using Intuit ProFile Community

If amounts are removed from s100, s125 and s8 that would be correct for a corporation with no assets. CRA may want to know when and how assets were disposed though.  This information should show on the return for the year of disposition

Hope this helps