In these instances, taxpaying firms would be provided with immediate tax relief. For eligible computer hardware and software, accelerated CCA deductions, combined with the regular CCA claims, will result in 100 per cent of the cost of eligible expenditures being deductible in the year of acquisition. Revenue Canada will accept an election, supported by a letter, filed with the tax return, that identifies the eligible property being acquired, its cost and the date of acquisition and a description of the property being replaced. This letter will fulfil the requirement to make an election in prescribed manner. For additional information see Revenue Canada website .
Accounting software Check out the links to some of the accounting areas.
Sam Seidman, CA - Chartered Accountant, Toronto, Ontario Canada. All rights reserved.