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TM

                                                                                         FAM
                                                                                    TM
                                       F I XE D AS S E TS M ANAG E R
                   CANAD I AN D E PRE CI ATI O N M O D U L E


                    F I X E D ASSET S MANAGER ™ SUP P O RT S
                    CA NA DIAN TAX DEP R ECIAT IO N
                    Small and medium Canadian enterprises can now experience the benefits
                    of Fixed Assets Manager™. Designed initially to support Arthur Andersen’s
                    internal U.S. tax practice, Fixed Assets Manager™ provides comprehensive tax
                                                features and calculations along with straightforward
                                                  navigation, designed to simplify daily fixed asset
                                                   management tasks. As a part of this enhancement,
                                                     all Capital Cost Allowance (CCA) class rules
                                                      and rates are maintained by Red Moon
                                                   Solutions, removing the burden of staying
                               compliant for companies. Read on to learn more about CCA and
                    how Fixed Assets Manager’s features and benefits can power your tax strategy.



                    BACKGROUND: CANADIAN TAX
                    For Canadian tax purposes, the depreciation of capital assets, such as
                    buildings and equipment, is governed by the “Capital Cost Allowance”.
                    Under this system, capital assets are grouped into classes and a calculated
                    portion of the expense can be deducted annually against each class
                    in accordance with the rate prescribed for each class. This continues
                    over a period of years as the property or the equipment depreciates.

                    The amount of Capital Cost Allowance that can be claimed each year
                    depends on when the property was acquired and to what CCA class
                    it belongs. Canadian legislation
                    sets out more than 40 classes
                    of assets and their associated
                    CCA rates, which are expressed
                    in percentage terms.


   SOLVING          The Fixed Assets Manager™
                    Canadian Depreciation
THE UNIQUE          module provides the ability
                    to calculate the depreciation
CHALLENGES          values for these 40 pre-defined
                    CCA classes.

                    Calculation data is drawn
      of today’s    from assets placed in service
                    or disposed of during the
tax professional    current accounting year.
TM




                                             CANADIAN TAX STRATEGY: AN OPPORTUNITY
                                             Capital Cost Allowance, essentially being a non-cash deduction from income
                                             that would otherwise be subject to taxation, should be thought of as a
                                             tax strategy that can be used to significantly impact your company’s cash flow.

                                             For example, many business owners are not aware that they do not have
                                             to claim Capital Cost Allowance in the year that it occurs; rather they can
                                             use as much or as little of the allowable CCA claim in a particular tax year.
                                             Any unused portion can be carried forward to help offset a larger, future
                                             income tax bill.
RED MOON SOLUTIONS                           Since CCA affects the net income of a business, optimal usage of the CCA rules
Red Moon Solutions takes pride
                                             is essential for all business decision-makers.
in solving unique challenges for
today’s tax professionals. Founded
by the former Andersen CIO and               STRATEGIC TOOL: FIXED ASSETS MANAGER™ FEATURES
head of tax technology, Red Moon             AND BENEFITS
Solutions provides specialty tax
products and services. Its solutions,        Fixed Assets Manager ™ is easy to use and includes a large selection of reports,
Like-Kind Exchange Matching™                 including projections, to support both book depreciation and tax depreciation
and Fixed Assets Manager™, were              under both US and Canadian regulations.
built to support the Andersen tax
practice. Red Moon Solutions is an           The Fixed Assets Manager ™
SAP-certified integration partner.           Canadian Depreciation
                                             module allows you to:

                                                Create user-defined tax
                                                classes, if necessary

                                                Identify the tax class
FIXED ASSETS MANAGER ™                          to which assets belong
Consistently awarded a top rating,
Fixed Assets Manager™ enables                   Sum the book cost of
tax and accounting professionals                assets placed in service
to track high volumes of assets                 in the current tax year
and ensure financial and tax
                                                for each tax class
depreciation is current. Unparalleled
in the breadth of functionality and             Sum the proceeds from
ability to adapt to small business
                                                the disposition of assets
needs or complex scenarios
encountered by large corporations,              for each tax class in the
Fixed Assets Manager™ is in a class             current tax year
of its own.
                                                Calculate current year tax depreciation allowable for each tax class

                                                Print depreciation reports for the tax classes


                                                        Contact us today to learn more or schedule a free demo!
                                             2201 Cantu Court, Suite 118               Sarasota, Florida 34232-6254                            800.224.1260
                                                                                  www.redmoonsolutions.com
                                               © 2008 Red Moon Solutions LLC. All rights reserved. Red Moon Solutions, Fixed Assets Manager and their logos are
                                               trademarks of Red Moon Solutions LLC.

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Canadian - Fixed Asset Management

  • 1. TM FAM TM F I XE D AS S E TS M ANAG E R CANAD I AN D E PRE CI ATI O N M O D U L E F I X E D ASSET S MANAGER ™ SUP P O RT S CA NA DIAN TAX DEP R ECIAT IO N Small and medium Canadian enterprises can now experience the benefits of Fixed Assets Manager™. Designed initially to support Arthur Andersen’s internal U.S. tax practice, Fixed Assets Manager™ provides comprehensive tax features and calculations along with straightforward navigation, designed to simplify daily fixed asset management tasks. As a part of this enhancement, all Capital Cost Allowance (CCA) class rules and rates are maintained by Red Moon Solutions, removing the burden of staying compliant for companies. Read on to learn more about CCA and how Fixed Assets Manager’s features and benefits can power your tax strategy. BACKGROUND: CANADIAN TAX For Canadian tax purposes, the depreciation of capital assets, such as buildings and equipment, is governed by the “Capital Cost Allowance”. Under this system, capital assets are grouped into classes and a calculated portion of the expense can be deducted annually against each class in accordance with the rate prescribed for each class. This continues over a period of years as the property or the equipment depreciates. The amount of Capital Cost Allowance that can be claimed each year depends on when the property was acquired and to what CCA class it belongs. Canadian legislation sets out more than 40 classes of assets and their associated CCA rates, which are expressed in percentage terms. SOLVING The Fixed Assets Manager™ Canadian Depreciation THE UNIQUE module provides the ability to calculate the depreciation CHALLENGES values for these 40 pre-defined CCA classes. Calculation data is drawn of today’s from assets placed in service or disposed of during the tax professional current accounting year.
  • 2. TM CANADIAN TAX STRATEGY: AN OPPORTUNITY Capital Cost Allowance, essentially being a non-cash deduction from income that would otherwise be subject to taxation, should be thought of as a tax strategy that can be used to significantly impact your company’s cash flow. For example, many business owners are not aware that they do not have to claim Capital Cost Allowance in the year that it occurs; rather they can use as much or as little of the allowable CCA claim in a particular tax year. Any unused portion can be carried forward to help offset a larger, future income tax bill. RED MOON SOLUTIONS Since CCA affects the net income of a business, optimal usage of the CCA rules Red Moon Solutions takes pride is essential for all business decision-makers. in solving unique challenges for today’s tax professionals. Founded by the former Andersen CIO and STRATEGIC TOOL: FIXED ASSETS MANAGER™ FEATURES head of tax technology, Red Moon AND BENEFITS Solutions provides specialty tax products and services. Its solutions, Fixed Assets Manager ™ is easy to use and includes a large selection of reports, Like-Kind Exchange Matching™ including projections, to support both book depreciation and tax depreciation and Fixed Assets Manager™, were under both US and Canadian regulations. built to support the Andersen tax practice. Red Moon Solutions is an The Fixed Assets Manager ™ SAP-certified integration partner. Canadian Depreciation module allows you to: Create user-defined tax classes, if necessary Identify the tax class FIXED ASSETS MANAGER ™ to which assets belong Consistently awarded a top rating, Fixed Assets Manager™ enables Sum the book cost of tax and accounting professionals assets placed in service to track high volumes of assets in the current tax year and ensure financial and tax for each tax class depreciation is current. Unparalleled in the breadth of functionality and Sum the proceeds from ability to adapt to small business the disposition of assets needs or complex scenarios encountered by large corporations, for each tax class in the Fixed Assets Manager™ is in a class current tax year of its own. Calculate current year tax depreciation allowable for each tax class Print depreciation reports for the tax classes Contact us today to learn more or schedule a free demo! 2201 Cantu Court, Suite 118 Sarasota, Florida 34232-6254 800.224.1260 www.redmoonsolutions.com © 2008 Red Moon Solutions LLC. All rights reserved. Red Moon Solutions, Fixed Assets Manager and their logos are trademarks of Red Moon Solutions LLC.