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New Member
posted Oct 30, 2019 4:21:59 PM

Where do you enter tools you owned prior to starting a business, but now use in a the new business?

My husband and I started a small business together in 2017.  It is a small scale reno company.  We have about $6000 worth of tools that we have accumulated over the past few years, that we use daily in the business.  Where do I enter them on the T2125?   We have bought a few tools this year that we are claiming as expenses as they are under the 2500 amount... just not sure where to enter the tools we already own?

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1 Best answer
Level 2
Oct 30, 2019 4:22:01 PM

If you are going through Easy Step mode.

  • Go to business profile, Work your way through expenses.
  • You will reach the "Fixed Assets" section (Screenshot attached)
  • You will have options there, since the tools are not new, you can select "I have balances (undepreciated capital costs) from previous years for which I could calculate CCA."
  • Continue browsing through interview till you reach "T2125 Opening Balances for CCA (Other)" page
  • You can select a CCA Class in which your tools fall in, and enter the value of your tools/equipment there. The tools will be depreciated at the CCA rate relating to the class. 

1 Replies
Level 2
Oct 30, 2019 4:22:01 PM

If you are going through Easy Step mode.

  • Go to business profile, Work your way through expenses.
  • You will reach the "Fixed Assets" section (Screenshot attached)
  • You will have options there, since the tools are not new, you can select "I have balances (undepreciated capital costs) from previous years for which I could calculate CCA."
  • Continue browsing through interview till you reach "T2125 Opening Balances for CCA (Other)" page
  • You can select a CCA Class in which your tools fall in, and enter the value of your tools/equipment there. The tools will be depreciated at the CCA rate relating to the class.