Accounting, Bookkeeping, Income Tax Preparation, And Consulting Forum

A Brief explanation of the moving expense deduction, Line 219, available to Canadians on the T1 General Canadian Income tax return.

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The following News Release or Speech has just been posted on the Finance Canada Site .. Ottawa, December 27, 2006 2006-089 The Honourable Jim Flaherty, Minister of Finance, announced today the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2007. Specifically: * The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2006. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes. * [More]

The information below is based on legislative proposals and may be subject to change 1. What is the new tradesperson’s tools deduction? The new 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. 2. Who qualifies? Individuals who are employed tradespersons. 3. What qualifies as an eligible tool? An eligible tool is a tool (including associated equipment such as a [More]