On a new schedule 776 CCA on additions doesn’t calculate?

1. Ensure that the assets you entered are eligible for CCA. Only certain types of assets qualify for CCA, such as buildings, machinery, and equipment. Land and intangible assets, such as patents or trademarks, do not qualify for CCA.

2. Make sure that you've entered the correct cost and date of acquisition for each asset. The CCA calculation is based on the cost of the asset, its class, and the date it was acquired. If any of this information is incorrect, the CCA calculation will be wrong.

3. Check that you've selected the correct CCA class for each asset. Different types of assets have different CCA classes, and the CCA rate varies depending on the class. You can find the correct CCA class for each asset in the Canada Revenue Agency's (CRA) guide for the class of asset.

4. Confirm that you've selected the correct fiscal year-end date. The CCA calculation is based on the fiscal year-end date you've selected in TurboTax. If this date is incorrect, the CCA calculation may not be accurate.

If you have completed all of the above steps and are still experiencing issues with your CCA calculations, try deleting and re-entering the fixed asset information to see if this resolves the issue.

For further assistance, we believe your best option is to contact our telephone support as they have the option to view your screen to help resolve the issue. To contact them, please follow this link: Contact Us. 

For more information, please refer to TurboTax FAQ page: What is Capital Cost Allowance (CCA)?

Canada Revenue Agency (CRA) page: Capital cost allowance (CCA) classes

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