1. From time to time, the Department receives requests from taxpayers to permit a revision of capital cost allowance claims for previous taxation years. As well, the situation often arises where a revision results from a reassessment by the Department. The following comments outline the types of revisions that generally occur and the circumstances under which requests for a revision will be accepted by the Department. These comments apply equally to other permissive deductions, such as special mortgage reserves calculated under section 33, scientific research expenditures of a capital nature calculated under paragraph 37(1)(b), or taxable capital gains reserves calculated under subparagraph 40(1)(a)(iii). ...
10. Where a taxpayer requests a revision of capital cost allowance claimed in a taxation year for which a notification that no tax is payable had been issued (e.g. because of a non-capital loss in that year, the application of a non-capital loss of another year, or the fact that income was exempt from tax in that year), such request will be allowed provided there is no change in the tax payable for the year or any other year filed, including one that is statute barred, for which the time has expired for filing a notice of objection. Such request will not be allowed, however, where...the Minister has issued a notice of determination pursuant to subsection 152(1.1). A taxpayer who wishes to revise the capital cost allowance in a year for which a notice of determination has been issued should do so within 90 days from the day of mailing the notice of determination for that year.
