Latest / Shane Hewitt and The Nightshift
NEW - Can You Actually Write That Off?
Tax filing in Canada looks straightforward until CRA audits you in retrospect. Evelyn Jacks, President of the Knowledge Bureau, tracks where self-employed Canadians and small business owners get it wrong.
Mixed use expenses are the most common miss: car, home office, client entertainment. Entertainment is capped at 50 percent. Conferences are limited to two per year for the self-employed. A tuition receipt changes the rules again. What your friend wrote off may not apply to your business at all.
CRA does not itemize every allowable deduction. They apply a reasonableness clause. Jacks puts it…
The skinny
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