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ben-somerville
New Member

I have spent over $2000 in tools this year and last year, have no claimed them last year, can I combine them and claim? and how do I claim them on turbo tax?

 
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warrencheswick
New Member

I have spent over $2000 in tools this year and last year, have no claimed them last year, can I combine them and claim? and how do I claim them on turbo tax?

You cannot combine tool expenses over several years. You can only claim expenses incurred during 2017 on this years tax return.

To claim 2016's tool expenses you'd have to file a adjustment request form with the CRA (assuming it would make a difference in taxes owing).

It's unclear if the $2000 was spent over the two years, or $2000 in each of the last two years.

To claim tool expenses they have to exceed $1,178 for 2017. Any amount above that threshold up to $1,678 can be claimed (ie maximum of $500). This would be entered on line 229. So if you spent $2000 on tools in 2017, you can claim $500. If you spent less than 1178 you cannot claim anything.

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warrencheswick
New Member

I have spent over $2000 in tools this year and last year, have no claimed them last year, can I combine them and claim? and how do I claim them on turbo tax?

You cannot combine tool expenses over several years. You can only claim expenses incurred during 2017 on this years tax return.

To claim 2016's tool expenses you'd have to file a adjustment request form with the CRA (assuming it would make a difference in taxes owing).

It's unclear if the $2000 was spent over the two years, or $2000 in each of the last two years.

To claim tool expenses they have to exceed $1,178 for 2017. Any amount above that threshold up to $1,678 can be claimed (ie maximum of $500). This would be entered on line 229. So if you spent $2000 on tools in 2017, you can claim $500. If you spent less than 1178 you cannot claim anything.

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