Updating asset depreciation

This section applies to Canadian entities and explains the input apps required to process depreciable assets for the tax year. You cannot deduct the cost for depreciable assets in the year of purchase; the deductions are claimed as the asset depreciates over time. Tax Provision includes several input apps and reports to facilitate in calculating Capital Cost Allowance for depreciable assets. These include:

• Capital Cost Allowance Forecast input app (NF0921)
• Cumulative Eligible Capital Forecast input app (NF0922)
• CCA Restricted Pools Forecast input app (NF0923)
• CCA Unrestricted Pools Forecast input app (NF0924)

These input apps and their related reports are identical to those for the national actual tax process.

For more information on updating interim asset depreciation, see “Updating and reviewing asset depreciation”.

Updating the forecasted current provision

The forecasted national current provision is the sum of the Current Provisions for the Actual time period and the Interim time period (remainder of the year).

For more information on the calculation used, see “Updating and reviewing the current provision”.

Tax Provision calculates an interim national provision by legal entity.

Current Provision Forecast input app (NF0201)

Use this input app to review and post adjustments to the automated pre-tax income and permanent and temporary difference amounts.

This input app includes Analyze functionality. For more information, see “Analyzing data for automation source information”.

This input app has the same accounts as the Current Provision input app (NA0201) and contains the following symbols in the Elements dimension (across):

• ISEQCAT—Income, Equity, or OCI

  Specifies whether the account is classified as Income, Equity, or OCI.

• GrsCY_ASC—Current Year

  This column represents the Element symbol for the Actuals time period.

• GrsCYIP_ASC—Interim Current Year

  This column represents the Element symbol for the Forecasted time period (for the remainder of the year).

• GrsCYFcst_ASC—Forecast Current Year

  This column represents the calculated forecasted total for the current year.

• GrsCYForecast_ASC—Forecast Current Year Input

  This column represents the input forecasted total for the current year.

To update the forecast current provision:

1. In the Tax Provision navigation pane, click Data Collection.
2. Expand National Interim.
3. Use the drop-down list or the symbol selector to select the appropriate entity.

   For more information, see “Using the Symbol Selector”.

4. Click NF0201 - Current Provision Forecast.lvapp. The input app opens in the workspace.
5. Update the appropriate accounts.

   For information on the symbols in this input app, see “Current Provision input app (NA0201)”.

6. When you are finished, click Submit.

Note: Values input in the Interim Current Year are adjustments to the results calculated from Forecast Current Year Input.