Entrepreneurship & Small Business

Help with filling out T2 corporate tax return

  • Last Updated:
  • Feb 12th, 2018 8:59 pm
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Newbie
Oct 28, 2007
7 posts
Peter, did you manage to find a resource to better understand these items?
PeterC077085 wrote:
Jul 16th, 2017 3:07 pm
8670 is not always higher than "Capital Cost Allowance"

I have the same question as you. How to calculate the GIFI code 8670, 1760 1761 1774 1775

Ervin, have you got the idea?

Is there any manual or book describing the detailed method?
Jr. Member
Apr 7, 2014
107 posts
11 upvotes
Toronto, ON
PeterC077085 wrote:
Jul 16th, 2017 3:07 pm
8670 is not always higher than "Capital Cost Allowance"

I have the same question as you. How to calculate the GIFI code 8670, 1760 1761 1774 1775

Ervin, have you got the idea?

Is there any manual or book describing the detailed method?
I think 8670 should be the sum of 1775, 1761.. , and any other amortization that you incurred for the current year of tangible assets.
In my case I had a simple 1775 value and nothing else, and my accountat put that value in 8670.

Basically 8670 is needed in order to "expense" the amortization, and 1761, 1775 I believe are just for reporting purpose. The value in 8670 should be in your accounting as "amortization expense".

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