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Small Business Deductions

Published in Taxes Be the first to comment on this article ►

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The CRA allows any “reasonable business expense” as a deduction. It defines business expenses as “certain costs that are reasonable for a particular type of business, and that are incurred for the purposes of earning income. Business expenses can be deducted for tax purposes. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes.”

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