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

[Michelle15]

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?

[TurboTaxHarp · Accepted solution]

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.