As the tax reporting season draws near, here is an article to help you decide whether that particular business expense your are planning to claim qualifies for deduction or not.
To summarize, the deductibility of expenses depends on the interpretation and application of Section 14 and 15 of the Income Tax Act. It is important for the taxpayer to be familiar with these sections to avoid under-claiming eligible tax deductions or worse, over-claiming tax deductions which would result in higher tax payable or penalties for the taxpayer. If you require assistance in this area, please feel free to Contact Us! Your comment will be posted after it is approved.
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