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Pool or Separate Assets

Updated: 2023-03-07

Use the Asset Manager to create and maintain separate CCA records for each capital asset. For example, let’s enter asset records for three office chair purchases, costing $750, $610 and $679 each.

  1. On the Asset Manager, create three separate class 8-a asset records adding each asset.
  2. TaxCycle 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.
  3. Pooled entries appear with green text and you cannot edit them on the CCA worksheet.

Screen Capture: Pooled Class 8 Assets

Separate CCA Assets From the Same Class

TaxCycle automatically adds a letter to the end of each CCA class. This allows you to create separate CCA classes for capital assets where it is not permitted to pool the cost basis.

For example, each rental property with capital cost of $50,000 or more must be in a separate class 1. In TaxCycle, enter one property as class 1-a and one as class 1-b.

The entries then appear as separate rows on the CCA worksheet and separate records in the Asset Manager.

Screen Captures: Separate Class 1 Assets

Terminal Loss for Pooled Assets

To trigger a terminal loss for all assets under the same class, make one terminal loss entry under one Asset Manager record for that pooled class:

  1. Enter the total proceeds for all assets in the class/pool.
  2. Enter the total cost for all assets in the class/pool.
  3. Answer Yes to the Terminal loss? question.

Screen Capture: Terminal Loss