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May 25, 2021

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If your yoga equipment is a capital expense, you should claim CCA for them, otherwise, you can deduct them as expenses from your self-employed income or your employment income.  You would need to get a T2200 form from your employer if you are an employer or a T2125 form if you are self-employed to claim yoga equipment expenses.

 

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. 

 

Class 8 (20%)

Class 8 with a CCA rate of 20% includes certain property that is not included in another class. Examples are furniture, appliances, and tools costing $500 or more per tool, some fixtures, machinery, outdoor advertising signs, refrigeration equipment, and other equipment you use in the business.

Photocopiers and electronic communications equipment, such as fax machines and electronic telephone equipment are also included in Class 8.

 

Please visit the article on Classes of depreciable property to learn more about classes. 

 

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.

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