topic Tradesperson tool allowance in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/tradesperson-tool-allowance/01/893540#M858 <P>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 &amp; income below that. What am I doing wrong?<BR /></P> Wed, 30 Oct 2019 06:10:13 GMT jodegagne 2019-10-30T06:10:13Z Tradesperson tool allowance https://turbotax.community.intuit.ca/community/investments-rentals/discussion/tradesperson-tool-allowance/01/893540#M858 <P>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 &amp; income below that. What am I doing wrong?<BR /></P> Wed, 30 Oct 2019 06:10:13 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/tradesperson-tool-allowance/01/893540#M858 jodegagne 2019-10-30T06:10:13Z The calculation for trades tool allowance also includes t... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/the-calculation-for-trades-tool-allowance-also-includes-t/01/893541#M859 <P>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.</P><P>Per CRA:</P><P><STRONG>Maximum deduction for eligible tools</STRONG> is the lesser of:</P> <P>a)&nbsp;$500; and</P> <P>b) the amount, if any, determined by the formula</P> <P><STRONG>A&nbsp;−&nbsp;$1,146 </STRONG>where</P> <P><STRONG>A</STRONG> = the lesser of:</P> <P>1. the total cost of eligible tools that you bought in 2015; and</P> <P>2. your income from employment as a tradesperson for the year</P> <P><STRONG>plus </STRONG>the amount you received in 2015 under the <EM>Apprenticeship Incentive Grant </EM>and the <EM>Apprenticeship Completion Grant </EM>programs;</P> <P><STRONG>minus</STRONG> the amount of any <EM>Apprenticeship Incentive Grant </EM>and <EM>Apprenticeship Completion Grant</EM> overpayments that you had to repay in 2015.</P><BR /> Wed, 30 Oct 2019 06:10:14 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/the-calculation-for-trades-tool-allowance-also-includes-t/01/893541#M859 Delphision 2019-10-30T06:10:14Z Re: Tradesperson tool allowance https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-tradesperson-tool-allowance/01/2216762#M9646 <P>He was lucky my were more .ladders&nbsp; &nbsp;$1200.00</P><P>Paint brushes $650.00</P><P>Drop sheets $800.00</P><P>Contractors insurance policy $4000.00 CIBC</P> Mon, 19 Apr 2021 03:15:29 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-tradesperson-tool-allowance/01/2216762#M9646 jpo2021 2021-04-19T03:15:29Z
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topic Tradesperson tool allowance in Investors and rental owners
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/tradesperson-tool-allowance/01/893540#M858
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<P>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 &amp; income below that. What am I doing wrong?<BR /></P>
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<pubDate>Wed, 30 Oct 2019 06:10:13 GMT</pubDate>
<dc:creator>jodegagne</dc:creator>
<dc:date>2019-10-30T06:10:13Z</dc:date>
<item>
<title>Tradesperson tool allowance</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/tradesperson-tool-allowance/01/893540#M858
</link>
<description>
<P>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 &amp; income below that. What am I doing wrong?<BR /></P>
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<pubDate>Wed, 30 Oct 2019 06:10:13 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/tradesperson-tool-allowance/01/893540#M858
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<dc:creator>jodegagne</dc:creator>
<dc:date>2019-10-30T06:10:13Z</dc:date>
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<item>
<title>
The calculation for trades tool allowance also includes t...
</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/the-calculation-for-trades-tool-allowance-also-includes-t/01/893541#M859
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<description>
<P>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.</P><P>Per CRA:</P><P><STRONG>Maximum deduction for eligible tools</STRONG> is the lesser of:</P> <P>a)&nbsp;$500; and</P> <P>b) the amount, if any, determined by the formula</P> <P><STRONG>A&nbsp;−&nbsp;$1,146 </STRONG>where</P> <P><STRONG>A</STRONG> = the lesser of:</P> <P>1. the total cost of eligible tools that you bought in 2015; and</P> <P>2. your income from employment as a tradesperson for the year</P> <P><STRONG>plus </STRONG>the amount you received in 2015 under the <EM>Apprenticeship Incentive Grant </EM>and the <EM>Apprenticeship Completion Grant </EM>programs;</P> <P><STRONG>minus</STRONG> the amount of any <EM>Apprenticeship Incentive Grant </EM>and <EM>Apprenticeship Completion Grant</EM> overpayments that you had to repay in 2015.</P><BR />
</description>
<pubDate>Wed, 30 Oct 2019 06:10:14 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/the-calculation-for-trades-tool-allowance-also-includes-t/01/893541#M859
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<dc:creator>Delphision</dc:creator>
<dc:date>2019-10-30T06:10:14Z</dc:date>
</item>
<item>
<title>Re: Tradesperson tool allowance</title>
<link>
https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-tradesperson-tool-allowance/01/2216762#M9646
</link>
<description>
<P>He was lucky my were more .ladders&nbsp; &nbsp;$1200.00</P><P>Paint brushes $650.00</P><P>Drop sheets $800.00</P><P>Contractors insurance policy $4000.00 CIBC</P>
</description>
<pubDate>Mon, 19 Apr 2021 03:15:29 GMT</pubDate>
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-tradesperson-tool-allowance/01/2216762#M9646
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<dc:date>2021-04-19T03:15:29Z</dc:date>
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