a question re: deducting expenses

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TheDain
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a question re: deducting expenses

Post by TheDain »

My question is this : are my transportation/lodging/food/equipment costs deductable in full, or just a percentage of these expenses?
I refiled my return from a few years back after I found thousands of dollars worth of receipts I'd misplaced, and Revenue Canada scrutinized those expenses quite closely, and decided they didn't like what I was doing, so I'm a bit skittish this year.
Scooter
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Re: a question re: deducting expenses

Post by Scooter »

Food is only 50%, and that's only when you're classifying that as a moving expense.
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TheHamsterizer
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Re: a question re: deducting expenses

Post by TheHamsterizer »

I wouldn't worry too much about getting busted:

http://www.montrealgazette.com/life/Ant ... story.html



"At the Canada Revenue Agency, for example, the system that processes tax returns and benefit payments was built in the 1970s."


I was overpayed 3200$ this year in EI payments(it's a long story), but I came clean and admitted that they had made a mistake. Now I'm thinking I should have kept my mouth shut.
If I agreed with you, we'd both be wrong
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jayBOT
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Re: a question re: deducting expenses

Post by jayBOT »

TheHamsterizer wrote:I wouldn't worry too much about getting busted:

http://www.montrealgazette.com/life/Ant ... story.html



"At the Canada Revenue Agency, for example, the system that processes tax returns and benefit payments was built in the 1970s."


I was overpayed 3200$ this year in EI payments(it's a long story), but I came clean and admitted that they had made a mistake. Now I'm thinking I should have kept my mouth shut.
Maybe, but I have been audited before. Specifically for a plane ticket from Grand Prairie, AB to Thunder Bay, ON. Had to show my receipt and have my employer state that I was in fact relocating for work purposes and was not being reimbursed. So... Personally, for big ticket expenses I would hold on to those receipts and make sure there legit.
Scooter
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Re: a question re: deducting expenses

Post by Scooter »

I got burned once on a moving expenses audit. I did everything perfectly, so I would be "bulletproof" if I was ever audited. The letter came and I laughed. Then I started looking for my receipts, and stopped laughing. Couldn't find them. I ended up having to waive all my moving expense deductions because I couldn't find the receipts.

Found them several years later, but by that time, it was past the end of the appeal date for the audit, so I couldn't go back and say, "Here they are."

Annoying, but my own fault.
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