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 Post subject: Buy or lease?
PostPosted: Fri Feb 06, 2015 8:18 pm 
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Hey guys,

New to this forum and have a question about camera gear. I was planning on picking up some brand new camera gear as an upgrade. It so happens my buddy asked me to shoot his wedding. Flattered, yes. Am I ready? NO! But I will be. As i prepare to get new gear, the thought crossed my mind that if this goes well, it could be a new adventure that I would love to take seriously. But before I drop a couple G's on gear, I heard that if you "lease" the gear for a business that you could write off some or all of it. If so, what are we talking about here? 100%, 50%? Basically what I'm asking is if it would be worth it to register a new business and lease the camera gear or should I just purchase the camera gear and register a new business anyways? The goal is to save some cash here.

Thanks and excited to explore this forum. I know there's going to be some good reads here.

Franklin


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 Post subject: Re: Buy or lease?
PostPosted: Wed Mar 11, 2015 9:03 am 
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Old post - but best thing is to talk to someone who is familiar with CCRA regs.

I'm guessing that by renting gear when needed you can write this off as a business expense in the tax year you're generating income against it.

If you purchase the gear, depending on how expensive it is, you may have to treat it as an asset take a percent of it's value as depreciation every tax year.


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