Capital Costs for my photography equipment over $1K.

You would still use Class 8, except that there would only be one asset in that class.

Since Class 8 is such a broad class, you will often have more than one asset in that class pool. Some of these items may last a long time (ex: furniture), while others may be replaced only after a couple of years (ex: electronics, tools that wear down). So if you have everything in Class 8, the stuff that’s expensive but is replaced often will be taken out of the class, but since there are other items in the class, you won’t be able to take a terminal loss on the item. If you put the $1000+ asset in its own Class 8, when you dispose of the item, you can get a terminal loss because there will be nothing left in the class.

Ex: Lou buys a $1000+ tool that wears out and must be replaced every year, so he puts it in Class 8 pool that is separate from the one that his other assets are in. Two years from now, Lou needs to get a new tool, and sells the old one as scrap metal for $50. If Lou had put the tool in the same Class 8 pool as everything else, he would have only gotten to deduct the CCA he tool for two years on that item, and that’s it. But because he put the tool in a separate Class 8, he can also deduct a terminal loss when the item is disposed of, which he could not have done if there had been other assets in the class.

Thanks for the detailed answer! I have one extra question: does this mean "each" item should be submitted its own Capital Cost item?
Example: Lou buys 3 different tools; each at $1000. As each tool wears out at its own pace, it's advisable that he submits three Class 8?

Yes. Each tool would go in it's own Class 8.

Thanks Susan!