Know what you own. Know what it is worth.
Vans, computers, equipment and renovations, each in one register. Eternify Ledger writes each one down every month in your books, and keeps the capital cost allowance figures your accountant needs for Schedule 8.
Delivery van, 2026 Ford Transit
In useClass 10 for tax, straight line over 60 months
- CostBill from Northline Supply
- 60,000.00
- Depreciation to date5 months at 1,000.00
- -5,000.00
- Book value
- 55,000.00
October
This month's depreciation posted
PostedIllustrative
One asset, two numbers.
- 1
Registered once
Add an asset from the supplier bill that bought it, or by hand. Its cost, its date and its accounts are kept on one record.
- 2
Written down in the books
Each month's depreciation is worked out in advance and proposed for a named person to approve. Your books always show what the asset is worth.
- 3
Counted for tax separately
Tax uses its own method, so the capital cost allowance is a different number from book depreciation. Eternify Ledger keeps both and shows the difference.
From the bill to Schedule 8.
Five steps, from buying the asset to selling it.
Register
Add the asset from its bill
When a bill is for something that lasts, register it from the bill line. The cost, the supplier and the date come across, and you choose how it is written down and which tax class it belongs to.
- Started from the bill or by hand
- Straight line or declining balance
- Imported from a spreadsheet if you already keep one
Register the Ford Transit on Northline Supply's bill as a delivery van, class 10, over 60 months.
Found the bill line, 60,000.00
Registered Delivery van, 2026 Ford Transit, as you
Done. The van is in the register and its first month of depreciation is waiting for approval.
Illustrative
Write down
Depreciation every month
The whole schedule is laid out when the asset is registered. Each month's amount is proposed for a person to approve, and an amount already posted is never posted twice.
- Approved by a named person
- Nothing posts without approval
- The full schedule visible from day one
Depreciation to approve
Illustrative
Tax class
Every asset has a tax class
Canada Revenue Agency groups assets into classes, each with its own yearly rate. Pick the class when you register the asset, and the allowance is worked out from it.
- Rates set by the tax rules, not by you
- Passenger vehicles with a cost limit are handled
- An asset with no class stays off Schedule 8
A few common classes
| Class | Usually holds | Yearly rate |
|---|---|---|
| 8 | Furniture and equipment | 20% |
| 10 | Vans and trucks | 30% |
| 50 | Computers | 55% |
Illustrative
Schedule 8
The figures your accountant asks for
For each class, Eternify Ledger rolls the year: what was there at the start, what was added, what was sold, the first-year rule and the allowance. Your accountant takes these figures into the tax return.
- Rolled per class, per company
- First-year rules applied and noted
- Book and tax difference shown
Schedule 8, what is in each row
| Column | Where it comes from |
|---|---|
| Opening balance | Last year's closing balance |
| Additions | Assets registered this year |
| Dispositions | Assets sold or scrapped |
| Allowance | Class rate and the first-year rule |
Illustrative
Sell
Sell or scrap it
Record the sale date and the proceeds. Eternify Ledger works out the gain or loss against the asset's book value and proposes the entry for approval.
- Gain or loss worked out for you
- Zero proceeds for something scrapped
- Posts only when a person approves
Sale of the delivery van
- Proceeds
- 52,000.00
- Book value at sale (60,000.00 cost less 12,000.00 depreciation)
- 48,000.00
- Gain on sale
- 4,000.00
Illustrative
Bought once, tracked for life.
The register sits between the bill that bought the asset and the books and tax figures that follow it.
Where work starts
A supplier billA person on screenYour AIA spreadsheet importIn Eternify Ledger
Asset registerMonthly depreciationTax class and allowanceWhere it lands
The booksSchedule 8 figuresGain or loss on saleWhat fixed assets covers.
Asset register
Every asset with its cost, date, accounts and history.
Bill to asset
Register an asset straight from the supplier bill line.
Monthly depreciation
Straight line or declining balance, approved by a person.
Tax classes
Capital cost allowance by class, with the first-year rule.
Schedule 8 figures
Rolled per class for your accountant to use.
Sales and scrapping
Gain or loss worked out and proposed for approval.
Questions, answered.
Why are depreciation and capital cost allowance different numbers?
Depreciation is how your books spread an asset's cost over its useful life. Capital cost allowance is the deduction the tax rules allow, by class and at set rates. One asset has both, and Eternify Ledger shows the difference between them.
Do you file my corporate tax return?
No. Eternify Ledger prepares the Schedule 8 figures from your register, and your accountant carries them into the return.
Can I register an asset from a supplier bill?
Yes. Open the bill line and register the asset from it, so the cost and supplier come across and you do not type them twice.
Does depreciation post on its own?
Each month's amount is proposed, and a named person approves it before it posts. The amount is worked out ahead of time, so there is nothing to calculate each month.
What happens when I sell an asset?
Enter the date and what you were paid. Eternify Ledger works out the gain or loss against the book value and proposes the entry for approval.
See what you own.
We register one of your assets from a bill on the call and show the tax side.