Where do I deduct equipment that I bought for my business?

Thank you for your question

As per CRA, you might acquire a depreciable property, such as a building, furniture, or equipment, to use in your self-employment activities. Since these properties may wear out or become obsolete over time, you can deduct their cost over a period of several years. The deduction is called capital cost allowance (CCA).

A current expense is one that generally reoccurs after a short period. For example, the cost of painting the exterior of a wooden property is a current expense. A capital expense generally gives a lasting benefit or advantage. For example, the cost of putting vinyl siding on the exterior walls of a wooden property is a capital expense. If your building materials are capital expense, you should claim CCA for them, otherwise, you can deduct them as expenses from your self-employed income.

For claiming CCA, please follow these steps:

1. In the upper-right area of TurboTax, select Find.
2. In the Find field, type “self-employment.”
3. From the list of results, select "Professional, Commission and/or other type of business, then select Continue.
4. You will see the T2125 Business Statement.  Complete T2125 Statement and click "continue"
5. Complete Motor Vehicle Part and click "done with vehicles"
6. You will see the "here's your capital cost allowance for your assets"
7. Complete this part properly for your CCA calculations.