Solved: Tools are considered to be Capital Assets so they ...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

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

 
1 Best answer

Accepted Solutions
Moderator

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

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.

View solution in original post

1 Reply
Moderator

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

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.

View solution in original post

v