Entering tools Capital Asset

[kdpatt]

My grooming tools add up to just over $3000.  When I enter into the capital asset section, do I need to enter each tool separately?  Or do I put asset-grooming tools, cost - $ total for all tools?  

[TurboTaxKim · Accepted solution]

You will first need to determine which CCA class your tools fall in. 

• Small tools under $500 belong in Class 12 with a 100% CCA rate, and most are not subject to the half‑year rule. They are fully deductible in the year of purchase. 

• If the tool costs $500 or more, include it in Class 8 with a CCA rate of 20%. These tools are subject to the half-year rule.

Once you have determined the correct class, "Yes" you can enter them as a total cost. 

This link will take you the CRA information on CCA classes & rates: https://bit.ly/2SQjIm0