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Tradespersons tools deduction

Hi, I'm Nicole from the Canada Revenue Agency. I'd like to take a few moments to tell you about the tradesperson's tools deduction. If you are an employed tradesperson, you may be able to deduct up to $500 when filing your income tax return, to help cover the cost of new tools necessary to your trade. For 2008, the deduction applies to the total cost of eligible tools in excess of $1,044 that you acquired in 2008. To learn more about the tradesperson's tools deduction, and other tax measures that apply to tradespeople, go to cra.gc.ca/trades.

Excuse me, my phone is ringing. I should take this call. Canada Revenue Agency, Nicole speaking, how may I help you?

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