@jairiijaeni: Schukurukuk pakcheru #msm29umskk #msm29 #umskk #minggusuaimesra

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Saturday 16 September 2023 10:49:33 GMT

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Cash-basis freelancers don’t need to fuss with depreciation for individual items that cost $500 or less (before tax): 1️⃣ CRA lets you treat them as current expenses, not capital assets. 2️⃣ Think: microphones, monitors, ring lights, hand tools, small software boxes—anything under that $500 threshold per item. 3️⃣ Record the full amount in the year you paid it (T2125 line 8810 – Supplies, or the correct category). 4️⃣ Example: $399 ring light + $79 tripod = $478 immediate write-off. • 30 % tax bracket ➜ ≈ $143 cash saved this year. 5️⃣ Keep the dated receipt for six years—if CRA asks, show the cost per item. Educational purposes only—confirm item classification and thresholds with a qualified Canadian tax professional before filing. Save this hack, tag a freelancer eyeing “little” gear upgrades, and follow for tomorrow’s Hack 22. #LaidOffTo8Figures #CanadianFreelancer #TaxHack #InstantExpense #CashBasis #SmallBizTips

Cash-basis freelancers don’t need to fuss with depreciation for individual items that cost $500 or less (before tax): 1️⃣ CRA lets you treat them as current expenses, not capital assets. 2️⃣ Think: microphones, monitors, ring lights, hand tools, small software boxes—anything under that $500 threshold per item. 3️⃣ Record the full amount in the year you paid it (T2125 line 8810 – Supplies, or the correct category). 4️⃣ Example: $399 ring light + $79 tripod = $478 immediate write-off. • 30 % tax bracket ➜ ≈ $143 cash saved this year. 5️⃣ Keep the dated receipt for six years—if CRA asks, show the cost per item. Educational purposes only—confirm item classification and thresholds with a qualified Canadian tax professional before filing. Save this hack, tag a freelancer eyeing “little” gear upgrades, and follow for tomorrow’s Hack 22. #LaidOffTo8Figures #CanadianFreelancer #TaxHack #InstantExpense #CashBasis #SmallBizTips

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