Self-employed

You will have to use TurboTax Business Inc. in order to file a T2 return.  The present year version does year ends from Sept 2014 to October of this year.  If your year end is after that date, you will need to wait for the next version.

The software does automatically depreciate items, if entered correctly on the schedule 8.  You have to input the class, a description and an opening balance.

For a T2, you enter the totals from your balance sheet and income statement, which presupposes you have some kind of accounting software.  As a result, since your purchase of the tax software would normally be entered in "office supplies" you would be able to claim it.

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