We told you earlier about how to claim meals and entertainment as a business expense. It’s always important to get a receipt in order to claim the deduction on your taxes but CRA has launched a new campaign that gives another good reason to ask for a receipt when you eat out.
Apparently there are some establishments who are taking cash payments and not tracking the sales in order to hide their income from the government. We know there are companies out there that are operating in the “underground economy” but we find that most people are just doing what they can to save money.
We will always do our best to make sure you legally pay the least amount of tax possible but failing to report income, or doing business “under the table”, or “cash jobs” are very risky tactics that aren’t worth the risk. We can help you plan your business so you pay only your fair share of taxes.
If you have questions about whether a certain is a legal expense or not, contact us and let us help you.