Income tax Dates
FEB 7End-of-year income tax and Working for Families bills are due, unless you have an extension of time to file your income tax return.
FEB 28Provisional tax payments are due if you have a March balance date and use the ratio option.
MAR 31Income tax returns are due if you have an extension of time
This method uses a rate of an asset's adjusted tax value each year. The depreciation deduction gets lower over an asset’s life.
This method is sometimes called the written down value or tax book value.
Find your asset's rate
You must find the depreciation rate used for your asset and method.
Depreciate using the cost value
For the first year depreciate using the rate and cost value of the asset.
The new adjusted tax value for the asset is its cost value less how much you depreciated.
Example: Buying office equipment
If you bought office equipment for $10,000 and depreciated it by 33%, the depreciation amount would be $3,300. The adjusted tax value of the equipment would be $6,700.
Depreciate using the adjusted tax value
Each year depreciate the asset by the same rate and its new adjusted tax value.
You only depreciate assets while they are used in your business.