Small Business Tax Tip # 1: Maximize your Capital CostAllowance claim.
Purchase necessary equipment and technology now rather than waiting for the new tax year to start. Although you’ll only be able to claim 50 percent of the normally allowable Capital Cost Allowance on your new assets, you’ll still be increasing your Capital Cost Allowance for this tax year – and setting yourself up for an increased CCA claim in the following tax year.
Generally, expenses incurred in order to earn business or property income are 100% deductible when calculating your taxable income. There are special rules that limit the deductibility of meal and entertainment expenses to the lower of 50% of the actual cost or 50% of the amount that would be considered reasonable.
When can I claim 100% of the cost of meals and entertainment?