I bought a work-related device that costs 1500cad. As I understand I can deduct only a part of this price in this year. And all other items that costs less than 500cad can be deducted fully. Is it correct? Where to read about that in more details?
Business expense deductions for soloeproprietors (for 1500+ cad device)
- Thread starter curios_observer
- Start date
Here is the link with explanations that items below 500cad (class 12) are 100% deductable in the current year: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance/classes-depreciable-property.html#class12
In my case, a 1500cad purchase was class 10 and should be amortised over a few years and wealthsimple tax handled it pretty well.
In my case, a 1500cad purchase was class 10 and should be amortised over a few years and wealthsimple tax handled it pretty well.