Your Equipment List

Some things you buy for your business aren't for selling, and they last for years: a garment steamer, a clothing rack, a ring light, a laptop. That's equipment. Your accountant needs a list of it at tax time, and RelistKit keeps that list for you under Trackers → Equipment. The equipment list is on every plan.

Equipment or an expense?

Ask yourself two things: will it last more than a year, and do you use it rather than sell it? If so, it's equipment. Things that get used up, like mailers, tape or printer ink, are expenses instead (see Expenses and Stock Purchases).

The difference matters at tax time. An expense comes off your income in the year you pay for it. Equipment doesn't. Instead, your accountant claims part of its cost each year, called capital cost allowance (CCA), at a rate set by the kind of equipment it is. RelistKit doesn't work out CCA. It keeps the list your accountant needs to do it.

See your equipment

Click Trackers in the top menu, then the Equipment tab. At the top, you'll see:

• What you have, at cost: what you paid for everything you still have.
• Bought in this year: what you paid for equipment you got this year.
• Sold in this year, for: what you got for anything you sold this year.

Below it is the list itself. To see things you've sold or no longer have, choose What you no longer have or Everything from the dropdown at the top of the page.

Add equipment

1. Click Add equipment.
2. Under What it is, type a short name, like Garment steamer.
3. Choose a Category.
4. Enter the Date you got it and What you paid.
5. Add a note if you like, such as the model or where you got it.
6. Click Add.

Pick the category that fits best. Your accountant claims each kind at its own rate:

• Tools and gear: a steamer, lights, mannequins, a label printer, a camera.
• Furniture and fixtures: clothing racks, shelving, tables, a desk.
• Computer and phone: a laptop, a tablet, or a phone you use for the business.
• Vehicle: a car or van you use for the business.
• Other: anything else the business owns that lasts more than a year.

If you're registered for GST/HST, there's also an HST in it (or GST in it) field. Enter the tax shown on your receipt, or click the percentage beside the field to work it out from what you paid. Leave it empty if there was no tax, like a used one bought from a private seller.

When you sell it or it's gone

Equipment you sell, give away, throw out or lose stays on your list as a record. To mark it:

1. Click the pencil on its row.
2. Under Do you still have it?, click No.
3. Enter the Date it went.
4. If you sold it, enter What you got for it. If you got nothing, leave it empty.
5. Click Save.

It moves off What you have, and shows as Sold or Gone under What you no longer have. Selling equipment isn't a sale of your stock, so it stays out of your sales and profit. Your accountant uses what you got for it on your tax return.

At tax time

Click CSV or Excel at the top of the page to download your list for your accountant. The download follows the dropdowns, so choose Everything to include what you no longer have.

On the Pro plan, Reports → Year-end also lists the equipment you bought and got rid of in the year, with the totals for your T2125 (the CRA's business income form).

Common questions

Does RelistKit work out depreciation?

No. RelistKit keeps the list of what you bought, when, and for how much. Your accountant works out the capital cost allowance from it.

I'm on the GST/HST quick method. Can I still enter the tax I paid?

Yes. The HST in it field shows for every registered seller, on either method. Tax paid on equipment counts toward your input tax credits (the GST/HST you get back) even on the quick method.

Where does my car go?

Add it under Vehicle. Record your business driving in Trackers → Mileage, which comes with Starter, Growth and Pro.

I use it for personal things too. Where do I say that?

There's no field for it. Add a note, and your accountant will split the cost into its business part.

What if I used something for the business that I already owned?

Ask your accountant. They'll tell you what date and value to enter.