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Business expenses are costs incurred for the purpose of generating income in a business, and should be supported by documentation such as invoices, receipts, or vouchers. It's important to obtain these records, especially when paying in cash. Please keep in mind that all expenses should be related to running the

In case you find out that you need to make changes to your tax return, such as adding a deductible expense or receiving another T-slip, you can request an adjustment. However, it's best to wait until you receive your Notice of Assessment from the Canada Revenue Agency (CRA) before making

If the parking lot is a commercial parking space then parking is subject to GST/HST. In the case of a public service body (PSB) parking lot, it may be exempt from GST/HST, which means it may not be included. To determine whether GST/HST is included in the

As a business owner, you may need to borrow funds for different purposes such as injecting capital, buying capital assets, or refinancing debt. The aim of this article is to address frequently asked questions about the deductibility of interest for incorporated business owners. It's important to understand that purchasing securities

Traditional test used by the courts to distinguish between securities transactions on income account and those on capital account: The elements of the traditional test include: (a) frequency of transactions; (b) period of ownership; (c) knowledge of securities markets; (d) security transactions forming part of the taxpayer’s ordinary business;

The Act does not provide a general definition of a “business” but does include specific activities in the extended non-exhaustive definition of “business” in subsection 248(1). In particular, subsection 248(1) extends the meaning of “business” to include: a profession, calling, trade, manufacture or undertaking of any kind whatever