September 2017 Newsletter

You have likely read reports about the very broad income tax proposals released by the federal Department of Finance on July 18, 2017, relating mostly to the taxation of private businesses.

When are convention expenses deductible?

If you are self-employed, then you may be able to deduct from business income the expenses of attending up to two conventions per year.

The rules allowing this deduction are found in subsection 20(10) of the Income Tax Act.

If you or a relative have not been making charitable donations and are considering doing so for the first time, 2017 would be the best year to start.

Many individuals in the computer industry work as computer consultants. If you are in this group, are you aware of the various tax issues that affect your work?

Here are some points to keep in mind:

Construction contractors beware! The CRA has new ways to find you

The Federal Court of Appeal recently approved a new mechanism for the CRA to find construction contractors who are not reporting all their income. (Residential contractors are notorious for doing renovations for cash and not reporting all their income and GST/HST.)