Bookkeeping, Accounting and Tax Tip of the Day: BATT of the Day #1

Hey everyone! I’m going to start off 2018 by sharing a bookkeeping, accounting or tax tip of the day – or “BATT”!


BATT #1:

Today’s discussion is around meals and entertainment.

In Canada, meals and entertainment are generally deductible for tax purposes, but usually only for 50% of the amount. It’s a good idea to have a separate account for this so you can easily break it out at tax time. It’s also very important that you write down who you were with and why it was a business meeting on your bills should you be audited.

As with everything in Canadian tax, there are always exceptions to every rule so please contact a professional to help with your specific situation.

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