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