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Tradesperson tool allowance
I cannot get the tradespersons tool allowance amount to populate? My son bought tools $911.48, income earned $33104.76. I think it should allow him to deduct $500? I have entered the tool amt in HST column & income below that. What am I doing wrong?
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Tradesperson tool allowance
The calculation for trades tool allowance also includes the Canada employment amount, so the cost of the tools has to be greater than $1,146.
Per CRA:
Maximum deduction for eligible tools is the lesser of:
a) $500; and
b) the amount, if any, determined by the formula
A − $1,146 where
A = the lesser of:
1. the total cost of eligible tools that you bought in 2015; and
2. your income from employment as a tradesperson for the year
plus the amount you received in 2015 under the Apprenticeship Incentive Grant and the Apprenticeship Completion Grant programs;
minus the amount of any Apprenticeship Incentive Grant and Apprenticeship Completion Grant overpayments that you had to repay in 2015.
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Tradesperson tool allowance
The calculation for trades tool allowance also includes the Canada employment amount, so the cost of the tools has to be greater than $1,146.
Per CRA:
Maximum deduction for eligible tools is the lesser of:
a) $500; and
b) the amount, if any, determined by the formula
A − $1,146 where
A = the lesser of:
1. the total cost of eligible tools that you bought in 2015; and
2. your income from employment as a tradesperson for the year
plus the amount you received in 2015 under the Apprenticeship Incentive Grant and the Apprenticeship Completion Grant programs;
minus the amount of any Apprenticeship Incentive Grant and Apprenticeship Completion Grant overpayments that you had to repay in 2015.
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Tradesperson tool allowance
He was lucky my were more .ladders $1200.00
Paint brushes $650.00
Drop sheets $800.00
Contractors insurance policy $4000.00 CIBC