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Good News for Tradespersons (NF)


Joey

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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 by Joey
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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

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