CRA Tax tip: Cool cash for your tools!

The Canada Revenue Agency (CRA) has published the following tax tip:

"Did you know...

That if you are a tradesperson you may be able to deduct your tool expenses? The newly proposed 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."

For more information on this or other CRA tax tips, visit the CRA web site at:
http://www.cra-arc.gc.ca/newsroom/taxtips/2007/tt070201-e.html