moved for leave to introduce Bill C-502, an act to amend the Income Tax Act (deduction of expenses incurred by mechanic for tools required in employment).
Mr. Speaker, the aim of this bill is to allow persons employed as mechanics to deduct the cost of the tools required for their work which they provide, if it is a condition of their employment.
The deduction includes amounts expended for the rental, maintenance and insurance of the tools, the total cost of tools worth $250 or less subject to some adjustments as may be allowed in the regulations to take into consideration inflation, and for tools over $250 the amortization of the capital cost as set out in the regulations.
(Motions deemed adopted, bill read the first time and printed)