How To Utilize Your Tax Information Reports

What you need to know: 

AgExpert Accounting includes several tax-related reports that should be reviewed as part of the year-end process. Running these reports can help identify missing entries, incorrect account setups, and amounts that may require adjustment before the information is used for tax reporting, financial statements, or discussions with an accountant.  

Please refer to the appendices for report descriptions.  

What you need to do: 

  • For the CCA Schedule report, you must enter your capital asset depreciation amounts manually to appear in your financial statements. Ensure that your opening balances and/or your undepreciated capital cost (UCC) and CCA rates are correct for each CCA class. 

  • Before running a GST audit report, you will need to confirm that all GST-related transactions have been entered. 

  • Before generating your T1163/T1273 and T2042 reports, you will want to make sure that the accounts to be shown on the reports are set up correctly in your chart of accounts. 

How to (Step by Step): 

For CCA schedule: 

  1. Select Reports. 

  2. Click CCA schedule. 

  3. Use the drop-down menu to choose which CCA classes you are wishing to generate: Standard classes or 10.1. 

  4. Select which Rate you wish to see with the drop-down menu: Maximum rates or My rates 

  5. Click Download. 

    Note: The CCA schedule is a download-only report. 

 

For GST audit: 

  1. Click Reports.  

  2. Select GST audit. 

  3. Use the drop-down filters on the View options slide-out to customize your report: 

  4. Choose the number of transactions to show Per page: 10, 50, or All. 

  5. Select the Date: Current fiscal year, Date range, Month, or By individual quarter 

  6. Select View report to generate the report. 

    Note: You can re-run the report at any time by changing the View options and clicking View report again. 

  7. You can print the report with the Printer icon, or export to Excel, PowerPoint, CSV, or XML with the Export icon. 

 

For T1163/T1273: 

  1. Select Reports. 

  2. Click T1163/T1273. 

    Note: You may see a pop-up menu indicating some accounts in your chart of accounts that do not have a T1163/T1273 code associated with them.  Click View chart of accounts to add codes to the listed accounts or click Ok to skip having these accounts be included in the report. 

  3. Use the drop-down menu to select the report Method: Cash or Accrual. 

  4. Click Set optional / mandatory to enter Optional adjustment or Mandatory adjustment inventory figures.   

  5. Click Save when complete. 

  6. You can print the report with the Printer icon, or export to Excel, PowerPoint, CSV, or XML with the Export icon. 

 

For T2042 Statement of farming activities: 

  1. Select Reports. 

  2. Click T2042 Statement of farming activities. 

    Note: You may see a pop-up menu indicating some accounts in your chart of accounts that do not have a T2042 code associated with them.  Click View chart of accounts to add codes to the listed accounts or click Ok to skip having these accounts be included in the report. 

  3. Use the drop-down menu to select the report Method: Cash or Accrual. 

  4. Click Set optional / mandatory to enter Optional adjustment or Mandatory adjustment inventory figures.   

  5. Click Save when complete. 

  6. You can print the report with the Printer icon, or export to Excel, PowerPoint, CSV, or XML with the Export icon. 

Appendices 

  • CCA schedule report - this report calculates and summarizes tax information for depreciable property using prescribed rates for asset classes.   

  • The GST audit report - confirms that all GST returns have been completed for the fiscal year and shows any payments applied to the invoices created from those returns. 

  • The T1163/T1273 report - shows information needed to calculate benefits and verify tax detail regarding businesses involved in AgriStability and AgriInvest programs. 

  • The T2042 report - is for sole proprietors and partnerships and encompasses income tracking and expense breakdowns to determine net income or loss. 

References and Additional Resources 

Still have questions? Contact support  

Contact us at 1-800-667-7893 or email support@fccagexpert.ca if you require additional support. You can find other help options under the question mark Icon in the top right of AgExpert Accounting at any time.