Tax Savings for Tradespersons

by HART (1-800-HART) on February 8, 2013 · 1 comment

in Government and Big Brother - Canada

The following information is now available on the CRA Web site:

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Did you know?

If you were an employed tradesperson in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income.

Important facts

An eligible tool is a tool (including associated equipment such as a toolbox) that:

* you bought to use in your job as a tradesperson and was not used for any purpose before you bought it;

* your employer certified as being necessary for you to provide as a condition of, and for use in, your job as a tradesperson; and

* is not an electronic communication device (like a cell phone) or electronic data processing equipment (unless the device or equipment can be used only for the purpose of measuring, locating, or calculating).

For more details on how to calculate the deduction for tools, go to www.cra.gc.ca/trades.

If you are an eligible apprentice mechanic, you may be able to claim an additional tools deduction. To be eligible, you must be registered in a program that leads to a designation as a mechanic licensed to repair self-propelled motorized vehicles, and you have to be employed as an apprentice mechanic. To see if you qualify, go to the Employed apprentice mechanics page at www.cra.gc.ca/trades.

The Canada Revenue Agency’s (CRA) online services make filing even easier and getting your refund faster

The CRA’s online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Source: CRA Newsroom

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