Camera Expenses for Canadian Income Tax Return
Hello, New to the forum and I was hoping to get some advice from anyone who writes off Capital Cost Allowance (CCA) for a photography business.
While completing my 2017 tax return, with the addition on CRA form T2125, I have a choice to use Class 8 (20% annual depreciation) or possibly Class 12 (half-year rule) since most of my gear was bought in 2017. I'm not positive that I can use Class 12 for photography gear costing >$500 per item.
If anyone is familiar with what I asking your insight would be greatly appreciated.
Regards,
Barry
While completing my 2017 tax return, with the addition on CRA form T2125, I have a choice to use Class 8 (20% annual depreciation) or possibly Class 12 (half-year rule) since most of my gear was bought in 2017. I'm not positive that I can use Class 12 for photography gear costing >$500 per item.
If anyone is familiar with what I asking your insight would be greatly appreciated.
Regards,
Barry