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Cool cash for your tools!
Did you know…
That if you are a tradesperson you may be able to deduct your tool expenses? The newly proposed tradesperson's tools deduction provides employed tradespersons with an annual deduction of up to $500 to help cover the cost of new tools necessary to their trade. The deduction applies to the total cost of eligible tools in excess of $1,000 acquired by an employed tradesperson after May 1, 2006.
For more information on the tradesperson's tools deduction, visit www.cra.gc.ca/whatsnew/tools-e.html.
This document is also available for download in PDF format.
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- Date modified:
- 2007-02-01