How can I claim items that I bought for pleasure but now use for business. In my case musical intruments

I had professional recording gear and instruments that I now use for my business, but have owned them for approximately 3-4 years. Can I sell them to myself?

439

Level 2

Nov 19, 2021 9:23:24 AM

You can transfer these items to your business at their fair market value (FMV).

Kindly see below additional information found on this Canada Revenue Agency (CRA) Links:

Bringing personal assets into your business

Fair Market Value

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How can I claim items that I bought for pleasure but now use for business. In my case musical intruments