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Where to claim the car tools like electric car jack that I purchase?
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October 30, 2019
7:35 PM
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Self-employed
If you purchase tools and equipment that cost over $500.00, you cannot claim these as an "expense", instead you must depreciate them by claiming Capital Cost Allowance (CCA).
When using TurboTax Self Employed Online version, as you proceed through the Self-Employment section of your tax return, you will come to the page that asks " did you have any fixed assets?" and you will be able to enter the information on your purchases. This asset will likely be placed in Class 8 - Equipment.
More information can be found here:
https://turbotax.intuit.ca/tips/capital-cost-allowance-explained-3952
October 30, 2019
7:35 PM