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Intuit

2018 fall economic update on CCA rates

What is changing?

The 2018 fall economic statement provided several benefits to Canadian businesses, including the accelerated investment incentive for capital cost allowance and Full CCA write-offs for certain properties.

In some cases the half-year rule will be temporally suspended as well, which will increase the amount of CCA claim on certain properties. The proposed changes will affect assets acquired after November 20, 2018.

Impact to ProFile customers

The impact of the change will affect all types of returns such as personal, corporate, and trust returns for assets purchased after November 20.

Implementation in ProFile

We plan to have the changes implemented in product by mid-January release for T1, T2, and T3 modules. It will be in-product in mid-February for the FX module.

ProFile recommends

We recommend waiting until the mid-January release if you have CCA properties affected by the change.

If their returns are impacted and users would like to file between December and mid-January, rates can be manually adjusted on Schedule 8 of the corporate return based on the budget information provided below.

More information

https://www.budget.gc.ca/fes-eea/2018/docs/statement-enonce/anx03-en.html

https://www.fin.gc.ca/drleg-apl/2018/nwmm-amvm-1118-n-eng.asp

https://assets.kpmg.com/content/dam/kpmg/ca/pdf/tnf/2018/ca-canada-announces-enhanced-capital-cost-allowances.pdf


 

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