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posted Jan 28, 2023 3:24:11 PM

In self-employment expenses where do I enter: desk & broker fees, Legal and accounting fees, equipment over $500 and professional development expenses

Walking through the step by step for self employment on turbo tax but it didn't offer a place to enter those - I'm a Real Estate agent.  Thanks

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Moderator
Jan 28, 2023 3:59:41 PM

You can enter your desk and your equipment over $500 in the capital cost allowance (CCA) section. For example, your desk would go in Class 8.

 

If the professional development expenses were spent on gaining new skills, then you can’t claim them as business expenses. However, you might still be able to claim the Tuition credit or the Canada training credit (CTC) for those courses. If you were just updating or upgrading skills you already had, then you can claim them in “Other Expenses”

 

Broker fees, Legal and accounting fees, and the amount you paid for your TurboTax return can go on the page titled “[Name], did you pay banking fees or for advice?”.