tax deduction question for Canadians ?

I have a question about tax deduction for Canadians.

is it possible to get total deduction for whole camera ? What can't be deducted ?

Can I get deduction for stuff that I bought before I register for the business ?

you need to contact a cga

certified general accountant

I just want to know your first hand experience. I will of course discuss with an accountant.

I deducted mine $1800 value and it got me back $300 more on my return., so no you dont get full value back.

Daship wrote in post #11779897
I deducted mine $1800 value and it got me back $300 more on my return., so no you dont get full value back.

The same thing happens with any deduction...that being a deduction reduces your employment income, which means you get the tax on the deduction back...not the whole amount.

picard wrote in post #11777542
I have a question about tax deduction for Canadians.

is it possible to get total deduction for whole camera ? What can't be deducted ?

Can I get deduction for stuff that I bought before I register for the business ?

Business related expenses can be deducted.

They of course have to be business related....depending on how you have your business set up, your company can purchase existing equipment from you personally, therefore enabling a deduction for the company. Depreciation should be considered as well.

As indicated previously, you should review both the set up of the business as well as expenses/income/taxes, etc with an accredited accountant be it CGA, CMA or CA.

bring all tax related questions to your accountant.