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Status: Tags: Links: Business Expenses

Allowable Business Expenses Canada

• Automobile
• Insurance
• Phone bill
• Maintenance
• Office expenses
  • Distinguish between office expenses, claimed on line 8810 of t1
  • Dpreciable assets like devices and furniture, Capital Cost Allowance
    • Only portion as asset
• Entertainment and meal
  • Can be claimed if it is incurred for the purpose of earning income
    • Either 50% of either amount you incur, or an amount reasonable in circumstances
    • Otherwise deductible as expenses
    • Capitalized (for instance, included in the cost of land or depreciable property) or
    • Included in the cost of inventory, scientific research, and experimental development expenditures, exploration and development expenses, or other costs
  • 100% claimed if:
    1. away from home, billed to client
    2. fees included in travel
    3. included in employee income
    4. employee-event related
    5. fundraising event

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list from Allowable Business Expenses Canada AND !outgoing(Allowable Business Expenses Canada)

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Created:: 2021-10-12 16:35