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.
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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.
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