Pool assets of the same type
Even though you are permitted to pool many assets of the same type, it can become unwieldy to keep track of original costs. And, this eventually makes it difficult to enter disposition.
On the Asset Manager, you can create and maintain a separate CCA record for each capital asset and let TaxCycle pool them when reporting to the CCA.
For example, let's enter asset records for three office chair purchases: Dan's chair at a cost of $750, Steven's chair at a cost of $610, Allen's chair at a cost of $679:
- On the Asset Manager, create three separate class 8-a asset entries for the addition of each asset, selecting class 8-a at the top of each record.
- TaxCycle then calculates CCA on a pooling of costs basis for all the assets under the same CCA class and lists the items together on the CCA worksheet. Pool entries appear with green text and you cannot edit them on the CCA worksheet.