As business owners and entrepreneurs we are all familiar with the common expenses that can be written off, but have you taken the time to consider that some of your summer activities could also be used?
As always, any “entertainment” expenses must follow Canada Revenue Agency guidelines and only a percentage of the expense may be considered deductible. In order to claim entertainment deductions, you must always have supporting documents such as receipts, names of clients who attended and the ability to show that the expense was incurred for the purpose of potential earnings. That being said, let’s have a look at some summer activity expenses that you may be able to use!
One thing you always need to keep in mind when it comes to business expenses is that they must fall within a reasonable scope of your business. The Canada Revenue Agency is very particular about these deductions and the last thing you need on your hands is an audit. It is advised that you have a professional taking care of your books as they are knowledgeable and are up-to-date on all the current rules when it comes to deductions for your business.
Keenans Accounting Service was founded in 1998 to serve the Midland and surrounding area. We’re a professional team who are dedicated to helping you define your bottom line. We keep a keen eye on your numbers so you don’t have to.