Which CCA class do these fall under? Bought in 2014. iPhone, Harddrive, GoPro Camera, ScanDisk 64G, TV, Sewing Machine, Microphone.

[Delphision · Accepted solution]

If your work is in photography, you might add the camera if it of substantial cost. If it is under $500, you would not add it.  Class 8

Same thing with the iPhone.  If it was purchased on contract, it would not be added at all.  The contract would be expensed as a mobile phone. 

The hard drive is an office supply, not an asset. 

The ScanDisk is an office supply not an asset.  

 A microphone, unless it cost a fortune is a supply item not an asset usually.

The TV might be expensed if it was used for business purposes. A TV in a bar or restaurant might be added as an asset if it was of sufficient cost. Class 8

The sewing machine, if it is used for business purposes and of sufficient cost and value might be used as an asset. Class 8

Be aware that CRA does look at these things, and may wonder what you are doing to earn income using these items.  They expect to see certain assets in each line of work.  They may find yours confusing.

[ssmediaco]

Our company is a multimedia company so we do a variety of different things like video work, websites, print work and so on. Sewing Machine is a separate business it wouldn't going on the separate tax form. Thanks for the advice that really helps.

[Delphision]

Assets are determined based on expected life and value as well as their usefulness in earning income.  Since items have to be properly disposed of on the T2125 via sale or write off, you want items that last a good long time so you aren't listing them as gone and replaced multiple times.  Also, if the business is closed, all remaining items are disposed of to the owner (proprietorship) as a deemed sale at market value, including GST/HST if a registrant.  You want to consider each addition.