Income Tax Q

[trapshooter]

Hey guys, anyone have experience with the T2200 form for claiming work related expenses? I heard that your employer has to approve the items you want to claim as being necessary for your job. Can I download the T2200 online? Any other fishing guides able to claim their work related gear? Thanks for any info guys!

[irishfield]

Go here for the form.. gotta be there somewhere.. I di dn't look. can't help with the items.

 

http://www.ccra-adrc.gc.ca/menu-e.html

 

Here

http://www.cra-arc.gc.ca/E/pbg/tf/t2200/README.html

Edited April 12, 2008 by irishfield

[Gerritt]

I know I can write of business cards, PDA's and computers... things that I require to do my job.... but am required to pay for personally... if the employer is willing to purchase these you cannot claim them... It has to be a condition of your employment to require such items to do your job

 

 

http://www.cra-arc.gc.ca/E/pbg/tf/t2200/

 

 

G

[nofish4me]

Get the form, fill it out and let them decide.

It's all about interpretation. They'll let you know if they accept it or not.

I spent about two weeks past deadline last year trying to find my mistake (knew about what I should get for refund). Fianally just sent it in, they found my mistake, explained where I made my mistake and sent me what I was expecting to get in the first place.

[lookinforwalleye]

Yes your employer has to sign the form.

 

I am a sales rep and I provide my own vehicle so I am allowed to claim all expense relating to the car including depreciation,maintenance,insurance interest on the loan etc. This only applies to the business use percentage.

[buckster]

i ask my employer for the t2200 and they fill it out for me. I claim everything. Tools, work boots, clothing, gas($4700last year). 407, insurance, cell phone, depriciation (sp?) just a whole bunch of stuff. Its no loss for them. Just after they fill it out make sure you use a good accountant that knows the ins and outs and get him/her to do your taxes.

[trapshooter]

Thanks a lot guys!

[Dutch]

The form is actually provided to you by your employer and signed by them. They are under no obligation to sign it for you - it is their form....they simply provide you with a copy.

 

Having said that, the form will allow you to deduct certain expenses from your income provided that your contract specifies that you need to pay them, the most common are automobile and office related expenses. In the case above, a commissioned sales person must provide their own transportation, it is a requirement of their contract, so the can deduct the business use portion of the automobile.

 

There are a number of legalities involved, if this is your first year, you may want to seek professional advice as to how to best maximize your deduction while staying within the guidelines of the CRA. By the way H&R Block are not professionals - they are simply tax preparers.....

[JohnF]

As far as I know the form is just something you want/need to have in the event of an audit. Ask your employer for it.

 

Then, as several here have said, get some professional advice on what you can and can't, should and shouldn't claim. I've been writing off business expenses for over 30 years and have always deferred to my accountants on what I should claim. They advise, and I agree, that a conservative approach is better than pushing the envelope. I've only had one thing refused in all those years and it was minor. I could have tested the system a whole lot more and saved a few bucks but the savings were hardly worth the grief of messing with the taxman. Some battles just aren't worth getting into. It's like hunting muskies with a pink Barbie Baitcaster.

 

The thing that surprises a lot of folks new to the business expense situation is just how much you are actually entitled to claim, and the kinds of things that constitute legitimate expenses. My son wouldn't listen to me for years and finally changed careers and started writing off a lot more expense stuff and is kicking himself now for all those years he ignored my advice.

 

So basically - get good professional advice (a real accountant, not a bookkeeper), be honest, don't be greedy, and keep good records all year with lots of receipts. That's the way to avoid grief.

 

Sorry if this is all a rehash of what others have told you but I just got around to reading this over coffee this morning.

 

JF