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Travelling expenses As per CRA travelling expenses may include costs for food, beverages, lodging, and modes of transportation such as airplanes, trains, and buses, and can be claimed as deductions as long as the following criteria are met: • You were normally required to work away from your employer's place of

In Canada, a limited partnership (LP) is a type of business structure that combines elements of both a partnership and a corporation. These types of organization be useful for a variety of business ventures, such as real estate development, venture capital, and private equity. They are popular among entrepreneurs involved

When examining private corporations, we frequently come across a prevalent mistake: possessing personal use assets as corporate assets. Shareholders may assume that buying assets within the corporation is tax-efficient. However, utilizing corporate property for personal purposes by a shareholder is subject to taxation as a benefit. Typically, the benefit amount

NEWS: CRA indicates circumscribed acceptance of using average exchange rates For purposes of determining a taxpayer's income, the CRA will generally accept the use of an average exchange rate over a given period of time (e.g., annual, quarterly or monthly) to convert amounts arising from foreign currency transactions, if

In 2016, the Canada Revenue Agency reassessed taxpayer and disallowed the motor vehicle expenses she claimed for the 2015 tax year. When she filed her 2015 income tax return, she had claimed $12,868 in motor vehicle expenses under section 8(1)(h.1) of the Income Tax Act. At