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New Member
posted Oct 30, 2019 9:18:19 AM

I am a self employed carpenter .Where do I enter tool expenses?

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1 Best answer
Level 11
Oct 30, 2019 9:18:21 AM

Tools are considered to be Capital Assets so they are included in the CCA (Capital Cost Allowance) section of the Expenses. The expenses will be depreciated over time rather than all at once.

Tools under $500 belong to class 12. Tools over $500 (each) belong to class 8.

1 Replies
Level 11
Oct 30, 2019 9:18:21 AM

Tools are considered to be Capital Assets so they are included in the CCA (Capital Cost Allowance) section of the Expenses. The expenses will be depreciated over time rather than all at once.

Tools under $500 belong to class 12. Tools over $500 (each) belong to class 8.