Any tax gurus on the forum?

Hey Guys,

I was wondering if I'm able to write off any tools that I purchase? I'm not a contractor I work for a cement plant as an employee. I've just racked up a bit of dough in my personal tools and was wondering if I can write them off.

Any input is appreciated.
 

Dennis Alwon

Moderator
Staff member
Location
Chapel Hill, NC
Occupation
Electrical Contractor
We are not cpa's so any advice you get here should be suspect. IMO, call a cpa. My thoughts are you can't take your tools off as an employee but what the heck do I know..:D
 

kwired

Electron manager
Location
NE Nebraska
We are not cpa's so any advice you get here should be suspect. IMO, call a cpa. My thoughts are you can't take your tools off as an employee but what the heck do I know..:D
Are you using these tools in your work and not being reimbursed for them? If so, maybe. I think that chance goes up even more if your employer expects you to provide those tools on your own. Still need to talk to a tax expert.
 

kwired

Electron manager
Location
NE Nebraska
If you are running a business, they definitely are deductible on schedule C, some items may need to be on a depreciation schedule and you can only deduct the depreciation expense but if you are not self employed yet is eligible then it ends up being something on your itemized deductions. Keep in mind you still will take the larger of your standard deduction or your itemized deductions on your 1040 so if you have a very significant amount of tools or enough other qualifying itemized deductions to go with your tools you are likely taking the standard deduction.
 

ramsy

Owner/Operator
Location
LA basin, CA
Occupation
Service Electrician 2017 NEC
Form 1040 and schedule C is for US Yanks, not Canadians.

OP works in Ontario Canada, and posts in Canadian electrical forum.
 

kwired

Electron manager
Location
NE Nebraska
Form 1040 and schedule C is for US Yanks, not Canadians.

OP works in Ontario Canada, and posts in Canadian electrical forum.
Guess it is a Canadian question but not a Canadian electrical question so sort of a campfire chat topic, that said not a lot of members will not know the Canadian tax rules.
 

ramsy

Owner/Operator
Location
LA basin, CA
Occupation
Service Electrician 2017 NEC
Guess it is a Canadian question but not a Canadian electrical question so sort of a campfire chat topic, that said not a lot of members will not know the Canadian tax rules.
No worries my friend. Your perfect example demonstrates why OP is directed to professional-tax advisors.
 

414Mhz

Member
Location
Canada
Hey Guys,

I was wondering if I'm able to write off any tools that I purchase? I'm not a contractor I work for a cement plant as an employee. I've just racked up a bit of dough in my personal tools and was wondering if I can write them off.

Any input is appreciated.
CRA allows a tradesman tool allowance of $500 yr (max)

Link --> https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-229-other-employment-expenses/employed-tradespersons-including-apprentice-mechanics/deduction-tools-tradespersons.html
 

414Mhz

Member
Location
Canada
Thanks for the link!
YW

To qualify for this deduction, your employer must certify (using form T2200) that you needed the tools for employment.

ie, your employer has to confirm you need to buy some of your work tools.

*edit* I'm not a tax guru, I'm just frugal :happyyes:
 
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