Series 4: Businesses Folio 2: Deducting Business Expenses Chapter 2: Business Use of Home Expenses Summary Expenses incurred in earning income from a business are normally deductible in computing income to the extent they are reasonable. This Chapter deals with the conditions and restrictions placed on the deductibility of business expenses that relate to the […]
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NO: IT-467R2 DATE: November 13, 2002 SUBJECT: INCOME TAX ACT Damages, Settlements and Similar Payments REFERENCE: Paragraphs 18(1)(a), (b), (c), (h) and (e) (also section 67, subsection 40(1), the definition of “eligible capital expenditure” in subsection 14(5), and paragraphs 20(1)(z) and 20(1)(z.1)) Application This bulletin cancels and replaces IT-467R, Damages, Settlements and Similar Payments, dated February 19,
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Income Tax Folio S4-F2-C1, Deductibility of Fines and Penalties Series 4: Businesses Folio 2: Deducting Business Expenses Chapter 1: Deductibility of Fines and Penalties Summary This Chapter discusses the deductibility of fines and penalties for income tax purposes. Several provisions of the Act deny the deduction of a fine or penalty. The key provision is section
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