Asked by Takafumi Yoshida on Jun 30, 2024
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Canada Revenue Agency requires a company to use the same depreciation method on its income tax return that is used in preparing financial statements.
Canada Revenue Agency
The federal agency responsible for administering tax laws for the Canadian government and various provinces and territories, as well as overseeing various social and economic benefit and incentive programs through taxation.
Income Tax Return
A document filed with the government that reports income, expenses, and other pertinent tax information.
Depreciation Method
A systematic approach used to allocate the cost of a tangible asset over its useful life, reflecting consumption, wear and tear, or obsolescence of the asset.
- Acquire an understanding of multiple methods of depreciation and their repercussions on financial records.
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Learning Objectives
- Acquire an understanding of multiple methods of depreciation and their repercussions on financial records.
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