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Trying to figure out what all is classified under "inventory" as a photographer. Do I count things like my camera, wardrobe and such or is it 0 as I don't have stock?
I'm wondering if I use the value of things like my computer, camera, lenses, décor, wardrobe, business cards, website/domain hosting under inventory.
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October 30, 2019
9:19 AM
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Self-employed
Inventory would be things that you sell, not things that you own to use in your business. For example, if you have a retail store and you sell things like picture frames, scrapbooks etc... those would be your inventory.
Things like business cards and web-hosting would be expenses, while things like your computer and photography equipment might go in the Capital Cost Allowance (CCA).
October 30, 2019
9:19 AM