Good News for Tradespersons (NF)

[Joey]

Just an FYI.

 

I was doing Paul's Tax Return today, and after many years of not being allowable, it appears that as of May 1, 2006 you are now allowed to claim tools purchased as a requirement of your mechanic or tradesperson profession, up to $500 per year. It's definately not near the amount Paul spends on tools for his job, but hey, its a start.

 

I confirmed it on the CRA website and have a printed copy for verification. Receipts are not required when filing your Return, but could be requested should an audit be performed.

 

So Keep those receipts boys n girls.

 

Joey

Edited February 9, 2007 by Joey

[SlowPoke]

Hi Joey,

I had heard there was an allowance for apprentices but did not realize it was extended to full time tradespeople. It's about damn time!

I think $500 is too low but without receipts there's a lot of room for scam. They should bump it to $1000 with receipts on filing and allow carry-over to the following year(s). Submitting receipts is a pain in the bottom but it's worth the effot for legitimate claims.

-Brian

[danc]

Is a fisherman considered a tradesman?

 

All kidding aside Joey, thanks. That should get me a few extra bucks back.

[GbayGiant]

Is a fisherman considered a tradesman?

 

Wouldn't that be the cat's meow, write off $500 worth of fishing gear.

[steve_paul]

Thanks for the info Joey, I will pass it on to the boys at work.

[Rattletrap2]

I never heard about the tool allowance, but I did hear about teh $1000 grant for 1st and 2nd year apprentices to help them out with tools, school tuition, etc.

Definitely worth utilizing.

[dwc67]

ya i remember hearing that. about f'n time i was beginning to seriously think about going contract so i could claim them.

 

tell paul to stay off the snap-on truck and he wouldn't spend so much

[Tybo]

DWC I'm a Mac guy. Screwed up to many snap off tools.

 

$500 whippy do duh day. What about the $45.000 I already have

invested in for doing my job.

 

To little way to late.

 

Thanks for nothing.

[Jigger]

When I was registering as an apprentice, I asked about that "grant" and was told it was actually a loan for up to 800.00 and would have to be repaid. If we can claim up to 500.00, though, thats at least something.