Depreciation for Canada Tax Books
We have a requirement for declining balance depreciation for Canada. Is there any standard setup to achieve this? I tried to use Flat rate, but it is not depreciation the first year on 1/2 rule.
1) FY1 the asset depreciation should be based on 1/2 asset value.
2) FY2 the asset should depreciate at 4% based on the current asset cost
Eg. Class 4 asset
Asset Cost 10,000
DPIS: March 2014
FY14 - Jan 1,2014 to Dec 31, 2014
Asset cost - 5000(Based on 1/2 rule)
Rate: 4%
CC Allowance for FY14 - 200
Depreciation:
March 14 - 50
Apr 14 - 16.67
May 14 - 16.67 ... Dec 14 - 16.67
Asset cost at end of year 9800
FY15- Jan 1,2015 to Dec 31,2015
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