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  • Writer's pictureTrusha Desai

They Move Too

Fixed assets on a Balance Sheet are not exactly fixed. A laptop is mobile, and so is a tablet or a high-end smartphone. Vehicles when used for business purposes are termed fixed, with a sub-category to expedite depreciation calculation.

Emoji copyright Trusha Desai Innovation Management Inc.

The Canada Revenue Agency has different classes for fixed assets and schedules have to be carried forward from year-to-year so that the accumulated depreciation reconciles on the T2 tax return.

And most importantly, we must always ensure that we have correctly captured the half-year rule.

For discussion of your financial statements or for bookkeeping, GST, tax and management consulting issues, please contact me

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