Are there new instructions regarding how to handle moving the ECE to the CCA schedule?

I have three corporate clients with tax year ends 2017-09-30. The S8Supp will not balance. Are there new, better instructions? Does the program need a modification? What am I missing?


The following is being added later, after I worked on it some more:

In the main business corporation, which already has several CCA classes, the S10 and S8 work very well for me. I did not need to override anything.

In the two holding companies, I put the amount from S8Supp line D, which is very close to the Net Book Value minus the undepreciated Capital Cost, on the line "Pre-Valuation Day Depreciation." This forces the S8Supp to balance.

The question is, did I do that right?

Thank you.

Answer

Thank you for using ProFile Live Community.

 We have the following instructions in our What's New notes. I hope this is useful for your situation:

S10 - Cumulative Eligible Capital Deduction (CEC)

Starting on January 1, 2017, Schedule 10 is not applicable for eligible capital expenditures. In general, the remaining CEC balance on December 31, 2016 is transferred to a new Class 14.1 on Schedule 8, Capital Cost Allowance. 

For taxation years that straddle January 1, 2017, the current year CEC deduction calculated on Schedule 10 is prorated for the number of days up to and including December 31, 2016. The remaining balance must then be manually transferred to the opening UCC of Class 14.1 on Schedule 8.

From <http://support.intuit.ca/profile/en-ca/document.jsp?product=profile-english&id=INF30940>

 If you need further help or have any questions, please feel free to reach out to us via chat, email or phone support and any of our agents will be glad to assist.

Fab

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Fab Sommerville , Support Specialist
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