Recapture
If, on the CCA tab, you are using the CCA tables in Wealthsimple Tax to calculate your CCA, we’ll automatically include your recapture for you.
If, on the CCA tab, you are reporting totals only, report your recapture by:
- rental income: entering it on the CCA tab
- business/commission/professional income: including it in “Other income (8230)” on the Income & Expenses tab
- farming/fishing income: including it in “Other income (9600)” on the Income & Expenses tab
Terminal Loss
You’ll need to manually report your terminal loss.
- rental income: report this on the CCA tab in the “terminal loss” field
- business/commission/professional/farming income: include it in “Other expenses (9270)” on the Income & Expenses tab
- fishing income: include it in “Other expenses (9790)” on the Income & Expenses tab
If you are using Wealthsimple Tax CCA tables you’ll need to remove the class (or change open UCC to $0) next year.
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