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Tool allowance question not about the code #204716 01/03/12 12:29 AM
Joined: May 2001
Posts: 376
F
frank Offline OP
Member
I have been working in trades for the last 15 years for the same employer who has been good enough to replace my lost or worn out tools
Well times are changing and now we get a tool allowance of $800.After getting dinged in taxes we end up with $500 and change.Im not complaining just wondering if I can write off any other tool expenses come tax time.My employer is a provincially funded hospital.The problem is I have tickets in both electrical and refrigeration and sadly the new tool allowance wont even come close to cutting it.How would I go about finding the amount I can write off at tax time if any. Thanks

Last edited by frank; 01/03/12 12:30 AM.
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Re: Tool allowance question not about the code [Re: frank] #204718 01/03/12 12:47 AM
Joined: May 2003
Posts: 1,155
dougwells Offline
Member
I just sent off my tax return filing code to my book keeper I noticed there was an insert mentioning something about a tool allowance I didnt read it as I am a self employed contractor

Re: Tool allowance question not about the code [Re: frank] #204722 01/03/12 11:26 AM
Joined: May 2001
Posts: 376
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frank Offline OP
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I would think if anyone could write off tools it would be self employed contractors.Shows how out of touch I am working for the government I guess

Re: Tool allowance question not about the code [Re: frank] #204723 01/03/12 11:31 AM
Joined: Aug 2002
Posts: 402
J
jdevlin Offline
Member
I went to the Canada revenue site and typed in tool expenses. Several things came up.
1. Form t777 - fill out if employer requires you pay expenses to earn your employment income. Line 1770 Tradesperson's tools expenses (see Chapter 7)
2. Also your employer will need to fill out form t2200 stating that he requires you to purchase your own tools.
Probably more to it than I know but hope this helps you get started.

Re: Tool allowance question not about the code [Re: frank] #204733 01/03/12 09:45 PM
Joined: May 2001
Posts: 376
F
frank Offline OP
Member
Going to look now.Thanks


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