A cutting tool having a cutting portion located proximate to one end. The cutting tool including a recessed chip flute formed along the shank of the tool away from the cutting edge. The tool includes a chamfering cartridge which is clamped to the tool shank along the chip flute. The chamfering cartridge performs a chamfering or deburring operation while allowing chips from the cutting portion to pass through the flute and away from the tool and workpiece.