The Canada Revenue Agency (CRA) has announced that they need to make additional updates to Form T777 (Statement of Employment Expenses) due to recent proposed tax changes related to capital cost allowance (CCA).
Because of this, the CRA is preparing a new version of the form and has asked tax preparers to temporarily pause filing returns that include CCA claims on Form T777 until the updated form is released.
What this means for you:
• If your employment expenses include CCA claims (for example, depreciation on equipment or assets), we will wait to file your return until the CRA releases the updated form.
• If your employment expenses do not include CCA, we can continue preparing and filing your return as usual.
The CRA has acknowledged that this change is coming very late in the tax season and has apologized for the inconvenience.
We will keep you updated and proceed with affected returns as soon as the revised form becomes available.
