Income tax Dates
MAR 31Final date for ratio option provisional tax applications.
APR 7End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return.
MAY 7Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
This method depreciates assets every year by the same amount. Sometimes this method is called the cost price basis.
Find your asset's rate
You must find the depreciation rate used for your asset and the straight-line method.
Depreciate using the cost value
Every year depreciate your asset by its rate on the cost value.
How to depreciate an asset
If you bought office equipment for $10,000 and depreciated it by 24%, the depreciation amount would be $2,400. The adjusted tax value of the equipment would be $7,600. You would depreciate the equipment by $2,400 for each new year and continue to update its adjusted tax value.
What happens next
Each year claim the amount of depreciation on your assets as a business expense.
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