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karenh2
New Member

Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice

 
5 Replies

Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice

Only if you sold tools in previous years you enter the amount, otherwise NO.
 
  • As a tradesperson (including an apprentice mechanic), you may decide to sell any or all of the eligible tools for which you claimed a deduction. If so, you must include, in your income in the year you sold the tool(s), the amount by which the proceeds of disposition of each tool is greater than the adjusted cost of the eligible tool sold. The proceeds of disposition of a tool is the amount of money you sold the tool for.
karenh2
New Member

Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice

The Turbo Tax employee I dealt with did not know the answer and advised that I call CRA. According to the CRA employee Monica, you do NOT have to enter the previous years’ amounts. This is only if you sold tools.

Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice

@karenh - you are correct I will revise my answer -  on that form just above the entries it is written -
As a tradesperson (including an apprentice mechanic), you may decide to sell any or all of the eligible tools for which you claimed a deduction. If so, you must include, in your income in the year you sold the tool(s), the amount by which the proceeds of disposition of each tool is greater than the adjusted cost of the eligible tool sold. The proceeds of disposition of a tool is the amount of money you sold the tool for.
karenh2
New Member

Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice

If turbo tax worded the question differently or put a header on it that it’s only if you sold tools then I wouldn’t have wasted time trying to find the right answer.

Tools for apprentices. Do I have to fill out the bottom of the page where it says cost of tools previously purchased? This is my son's second year as an apprentice

Thank you for your comment.