Tax tip: Cool cash for your tools!
The following is now available on the CRA Web site:
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.
Source: CRA
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