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joshslo93
New Member

Where should I write off my tools i've aquired for work as a sole proprietor?

 
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Where should I write off my tools i've aquired for work as a sole proprietor?

Employment expenses are first entered on Canada Revenue Agency (CRA) Form T777 Statement of Employment Expenses. For 2019, the "base amount" used in the calculation of the tool deduction is $1,222 ($1,245 for 2020). No deduction is available unless the cost of tools exceeds this amount. The maximum deduction is $500.

 

To claim a credit for tradesperson tools click here