This worksheet allows you to reconcile book values for accounting purposes to the tax amounts.
However, note that the program is not able to highlight all of the discrepancies. Therefore, you might have to adjust the amounts calculated by the program, if applicable, or use the appropriate empty lines available.
Applicability of the form
The form becomes applicable when you answer “Yes” to the question, Do you want Form Fixed Assets Reconciliation to be applicable?
No default answer is defined for this question, but when an answer is provided, it is retained when the client file is rolled forward.
Additions for tax purposes – Schedule 8 regular classes
The amount on this line represents the total of all additions listed on Schedule 8 for all class properties except for class 13.
If properties are included in class 14, the following diagnostic will prompt you to review certain book values calculated by the program accordingly:
When class 14 properties are included in Schedule 8, the program is not able to reflect the accounting impact for this class on lines Depreciation and amortization per accounts – Schedule 1 and Closing net book value. Where applicable, review the amounts calculated by the program on these lines.
Additions for tax purposes – Schedule 8 leasehold improvements
The amount on this line represents the total of all additions listed on Schedule 8 for class 13.
Proceeds up to original cost – Schedule 8 regular classes
The amount on this line represents the total of all additions listed on Schedule 8 for all class properties except for class 13.
If properties are included in class 14, the following diagnostic will prompt you to review certain book values calculated by the program accordingly:
When class 14 properties are included in Schedule 8, the program is not able to reflect the accounting impact for this class on lines Depreciation and amortization per accounts – Schedule 1 and Closing net book value. Where applicable, review the amounts calculated by the program on these lines.
Proceeds up to original cost – Schedule 8 leasehold improvements
The amount on this line represents the total of all additions listed on Schedule 8 for all class properties except for class 13.
Depreciation and amortization per accounts – Schedule 1
The amount on this line corresponds to the total of the following amounts of Schedule 1:
- the amount on line 104, Amortization of tangible assets;
- the amount on line 105, Amortization of natural resource assets; and
- the amount on line 106, Amortization of intangible assets.
Loss on disposal of fixed assets per accounts
The amount on this line corresponds to the total of the following amounts:
- the negative amount on line 8210, Realized gains/losses on disposal of assets, of the GIFI form G8299, Revenue; and
- the negative amount on line 9609, Gains/losses on disposal of assets, of the GIFI form G9659, Farming Revenue.
Gain on disposition of fixed assets per accounts
The amount on this line corresponds to the total of the following amounts:
- the positive amount on line 8210, Realized gains/losses on disposal of assets, of the GIFI Form G8299, Revenue; and
- the positive amount on line 9609, Gains/losses on disposal of assets, of the GIFI Form G9659, Farming Revenue.
Closing net book value
The amount on this line corresponds to the result of the following calculation, which takes into account various lines of the GIFI form G2008/2009, Tangible Capital Assets and Accumulated Amortization:
Amount from line 2008, Total tangible capital assets, minus amount from line 2009, Total accumulated amortization of tangible capital assets, minus amount from the Total line for the tangible capital assets in the “Land” section, plus amount from the Total line for the accumulated amortization in the “Land” section, plus amount from line 2178, Total intangible capital assets, minus amount from line 2179, Total accumulated amortization of intangible capital assets.
Opening net book value
This line has a data entry field. However, when rolling forward the client file, the closing net book value of the fiscal period is automatically carried over to this line.