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Hi, I was preparing a T2 return with an addition of Class 54 (EV) of apprx $150,000 which is subject to a celling of $55,000 for Schedule S8, but the S8S does not reconcile (i.e. Amount C and D do not match). This situation is very similar to an acquisition of Class 10.1 asset where profile automatically recognizes the difference on purchase in S8S but it is not capturing it for Class 54 asset. Did anyone else face this situation? Looks like Profile did not incorporate this in Schedule S8S as yet. Any suggestions? Thanks.
Hi,
I am attaching a screenshot of class 54. The max amount I can claim is 59K in 2022. Hope that helps. Prior to 2022, it would be 55K. I am in module 2020-2022 of Profile, see info page. Accounting rules are different than tax rules for CCA, so S8Supp will mismatch if CCA claim is different.
Hi, thanks for your reply. In your snapshot you have taken the UCC beginning balance on the reconciliation schedule S8Supp and the actual acquisition cost is missing. If you take the beginning balance out and add the addition amount of any amount over $59k (say $150K), the timing difference (amount on Line C and Line D on S8Supp) would not reconcile. I understand that the Accounting rules and CCA rules are different. I am attaching the screenshots from my working (in my case the addition was in 2021 that is why the max amount is $55k but that really does not matter). Please try. Any feedback or suggestions are highly appreciated.
you have a timing difference of 90270$ because the amount of the asset was 145270$ which is 90270$ over the limit of 55000$. You can add a line under the Other section, with an amount of 90270$ to compensate for the difference. This way, your S8SUPP will not show the warning. You do not need to have the same amount on box D and Box C, you just need to know why there is a difference. You can also sign off that warning as long as you know why this amount is different.
Thank you once again. You are absolutely correct. I also used the same trick/solution to address the issue and file the return. If you notice there is a section on this form to track/reconcile the timing difference for Class 10.1 assets. Similarly Profile should add another section for Class 54 so that we do not have to do it manually.
Cheers!
Thanks for this, I will pass along this info to the development team!
Regards,
Mario
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