TurboTax HelpIntuit
How do I claim the tools expense deduction for tradespeople?
by TurboTax• Updated 11 months ago
Prior to tax year 2023 the CRA allows tradespeople a maximum deduction of $500. After 2022 the maximum deduction is $1,000.
The deduction is for the remaining cost of tools and equipment purchased for work, after first reducing the expenses by an amount that is indexed annually. For 2023 the reduction amount is $1,368. So for example, $2,368 or more of eligible expenses in 2023 will result in the maximum deduction of $1,000. For prior years’ thresholds, see Indexation amounts. Your employer must certify (using form T2200) that the tools were required for you to do the work.
To claim this deduction in TurboTax, select your version of software and follow the steps provided:
More like this
- How do I claim the Manitoba Teaching Expense Tax Credit?by TurboTax•4•Updated December 21, 2023
- Parent Info Centreby TurboTax•93•Updated 7 days ago
- Self-Employment and Rental Income Centreby TurboTax•51•Updated 4 days ago
- What types of legal fees can I claim as deductions on my tax return?by TurboTax•187•Updated 7 days ago