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Just wondering if anyone knew how to go about claiming a new dishwasher and a new lawnmower which we had to purchase last year to replace broken ones. I don't want to do a full claim to trigger a capital gain, so do I just claim the same % calculation that I use for my % use of home like I do for utilities etc? Thanks.
no there is a different way to claim appliances. you get to claim a percentage for a few years, not 100% how it works but my accountant does it all for me. we bought a new fridge and computer 2 years ago and I claim a certain amount that year and last year and possibly this year. Sorry don't know the specifics but I do know it isn't the same as like you claim for your utilities.
It's called capital cost allowance - there is a section on the Revenue Canada website about it. What you are doing is depreciating the item as it deteriorates over time too.
I was told previously at a tax seminar that CCA was only used if your purchase was over $500(which the dishwasher was) but the lawnmower was only $300. Any thoughts?
if you can't use it as a capital cost then I would use a percentage of it similar to your utilities/ toys/supplies etc.
You can use capital cost for any item that has a longevity of use but deteriorates over time. The $500 is specifically addressed for tools used in the business. When not using CCA I put things into the business use of home calculation meaning it is available to daycare during daycare hours and home during non hours.