If you purchase tools and equipment that cost over $500.00, you cannot claim these as an "expense", instead you must depreciate them by claiming Capital Cost Allowance (CCA).
When using TurboTax Self Employed Online version, as you proceed through the Self-Employment section of your tax return, you will come to the page that asks " did you have any fixed assets?" and you will be able to enter the information on your purchases. This asset will likely be placed in Class 8 - Equipment.
More information can be found here:
https://turbotax.intuit.ca/tips/capital-cost-allowance-explained-3952
hollieknoll
New Member
ge55za_ba
Level 3
kkarpluk87-gmail
New Member
milky__way
New Member
robertandtracey
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.