I am wondering how I would be able to claim my software expenses under a small business I operate as a side business. The software only amounts to around $700.
I am not sure if this information would be classified under CCA as there werent any other locations to put this information that I could see when I was running through the program.
Any help is appreciated.
But in that section it refers to only counting pens, paper, etc. things such as computers, filing cabinet exceeding $200 shouldn't be included there.
If you read your question, it only asks about software, which I normally put under office supplies. If you look at the information regarding class 8 items, which is where the filing cabinet and computer would go, it specifies "over $500.00" You are only going to add assets with a lengthy life span, and only if you are sure that your business is going to last, because if it does not, you may have to "sell" them back to yourself and pay back the depreciation. Some of those items will just be expensed under supplies.
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/cptl/dprcbl-eng.html#Class8
Perfect. Thanks. This should help my amount owing. It was only a small drafting business I was using while working for a previous employer. It seemed like all of my profit in this business ($3000) was now being used against me ~1000 refund to owing ~1200 when my business info was entered.
I hope it still doesn't work out like that when the info is entered, or else it hardly seems worth the hassle to even do the work with the business
It does seem like that at the beginning. You do have to pay both sides of CPP on self-employed income, which adds to the expense. You should also have a home office deduction near the end of the T2125. I don't recommend vehicle expense for work such as this. You are not using a vehicle often enough in the course of this work to make it worthwhile.