Asset Manager

Updated: 2023-03-22

Asset Manager worksheets allow you to enter and track each asset in detail. An Asset Manager worksheet appears automatically when you create a related income statement. For example, when you create a T2125, TaxCycle creates the connected T2125Asset.

TaxCycle pools assets of the same class and displays them together on the related CCA worksheet. If you enter details directly on the capital cost allowance (CCA) worksheet, TaxCycle creates a separate Asset Manager record for each row in the table in on the CCA worksheet.

Note, for automobiles, use the Motor Vehicle worksheet to calculate and claim CCA.

  1. Each page in the Asset Manager records one item. Click the arrows in the toolbar at the top of the form to move between asset records.
  2. Select a record from the drop-down menu to open it.
  3. Click Delete Asset to remove an asset from the manager. (Press Ctrl+Z to undo, go to the deleted items view in the Prepare sidebar.)
  4. To create a new asset record, click New Asset.
  5. Enter a Description.
  6. Type the class number or begin typing a keyword to find the right class by matching the description. When possible, TaxCycle carries forward the class number from the prior year. Once you select a class, TaxCycle automatically adds a letter to the end of each CCA class to allow you to pool or separate assets as required. 
  7. In the Cost section at the top of the worksheet, enter the beginning cost for the asset.
  8. In the CCA section, enter the beginning UCC for federal, and Québec if applicable. TaxCycle carries forward the starting UCC from the prior year when possible.

Screen Capture: New T2125Asset

Additions and Dispositions

Scroll down to the bottom of the record to enter details of current year addition or disposition transactions. This section allows for multiple addition or disposition entries. When you enter the first transaction, a blank section appears for the next entry.

  1. Enter a description.
  2. Enter a transaction date to determine eligibility for Accelerated CCA and Immediate Expensing measures.
  3. Enter the percentage that represents the personal portion, if applicable.
  4. Enter the cost of the addition
  5. TaxCycle automatically determines eligibility for Accelerated CCA and Immediate Expensing measures and answers Yes the applicable question in this section. The CCAClaim worksheet provides some options for controlling these calculations.
  6. While the half-year rule does not apply for measures like Accelerated CCA and Immediate Expensing, DO NOT answer NO to the half-year rule question. Answer based on whether the half-year rule would apply in normal circumstances and TaxCycle will adjust the calculation if an exceptional measure applies.
  7. For dispositions, enter the proceeds of the disposition, any outlays and the cost of the disposed asset.
  8. Answer Yes to the full disposition question to calculate the cost of all assets on this record automatically (beginning cost at the top of the worksheet, plus all dispositions). Answer No to enter the cost of the disposed asset manually.
  9. If this is a terminal loss, answer Yes to the terminal loss question. To trigger a terminal loss for all assets under the same class, enter the total cost and proceeds for all assets in that class/pool. See the Pool or Separate Assets help topic.

Screen Capture: Current Year Addition / Disposition Transactions