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C
chall74
Level 1
April 5, 2021
Question

Business Expenses

  • April 5, 2021
  • 1 reply
  • 5 views

When a business moves during the year .. Do you do one T2125 for the year or do you split it into two?  My client closed down her salon during covid but was able to renovate her basement to reopen.

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1 reply

J
janisbossenberry
Level 7
April 6, 2021

If she was operating as a sole proprietor in both the old and new locations, then only one T2125 is prepared.  You may have some capital assets (such as leasehold improvements) to dispose of on the CCA schedule, and some other assets to add, but it is all the same business.

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