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Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

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Tax Tip: Tax Savings for Tradespersons

Did you know?

OTTAWA, ONTARIO -- (Marketwire) -- 01/30/13 --

If you were an employed tradesperson in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income.

Important facts

--  An eligible tool is a tool (including associated equipment such as a
    toolbox) that: 
    
    --  you bought to use in your job as a tradesperson and was not used for
        any purpose before you bought it; 
        
    --  your employer certified as being necessary for you to provide as a
        condition of, and for use in, your job as a tradesperson; and 
        
    --  is not an electronic communication device (like a cell phone) or
        electronic data processing equipment (unless the device or equipment
        can be used only for the purpose of measuring, locating, or
        calculating). 
        

For more details on how to calculate the deduction for tools, go to www.cra.gc.ca/trades.

If you are an eligible apprentice mechanic, you may be able to claim an additional tools deduction. To be eligible, you must be registered in a program that leads to a designation as a mechanic licensed to repair self-propelled motorized vehicles, and you have to be employed as an apprentice mechanic. To see if you qualify, go to the Employed apprentice mechanics page at www.cra.gc.ca/trades.

The Canada Revenue Agency's (CRA) online services make filing even easier and getting your refund faster

The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Stay connected (www.cra.gc.ca/socialmedia)

To receive updates when new information is added to our Web site, you can:

- follow the CRA on Twitter - @CanRevAgency;

- subscribe to a CRA electronic mailing list; and

- add our RSS feeds to your feed reader.

- You can also visit us on YouTube for tax-related videos.

Contacts:
Noel Carisse
Canada Revenue Agency
613-952-9184

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