Filing taxes isn’t always the most exciting process – but it’s something worth doing correctly the first time.
However, there are a lot of young apprentices (and even journeypersons) who don’t know how to file their taxes properly, especially when it comes to their trades career. Don’t worry – we’ve got you covered with some great tips!
You use them every day, but they’re not exactly the first thing that pops into your mind when filling out a tax form. But your tools-of-the-trade are eligible for a deduction of up to $500 on your tax return. Plus, you might be eligible for a GST/HST rebate.
You can calculate your deductions for tools here.
Did you know that if you’re a self-employed tradesperson, you may be able to deduct reasonable expenses? Think about the things you need to complete your job – your vehicle, supplies, and office space expenses may qualify.
The Canada Revenue Agency says: “Have you converted part of your garage into a workspace for building custom cabinets? When you use part of your home for business, you can deduct a portion of your maintenance costs such as heat, home insurance, electricity, cleaning materials, and more.”