Chapter 4 - Employment Deductions 2011 post

Chapter 4 - Employment Deductions 2011 post - @ Jakubowicz...

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Unformatted text preview: @ Jakubowicz 2011 1 EMPLOYMENT INCOME - Allowable deductions @ Jakubowicz 2011 2 Employee Deductions No deductions unless listed [ss.8(2)] Must be net of any reimbursements received for the particular expense Sales expenses [p.8(1)(f)] Pre-conditions Car allowance - benchmark is prescribed rate currently $0.52/0.46 Limitations Total of most limited to commission income [p.8(1)(f)] Payments for use of golf course, yacht, camp or lodge [p.18(1)(l)] Membership fees in certain clubs [p.18(1)(l)] Capital cost allowance (CCA) [p.8(1)(j)] Maximum cost $30,000 + sales taxes [p.13(7)(g)] Interest [p.8(1)(j)] Maximum $300 per month [s.67.2] Lease - Maximum $800 per month + sales taxes [s.67.3] @ Jakubowicz 2011 3 Employee Deductions (contd) Travel expenses [p.8(1)(h)] Pre-conditions Limitations Tax free car allowance benchmark is prescribed rate currently $0.52/0.46 Claimed sale expenses CCA same as sales [p.8(1)(j)] Interest same as sales [p.8(1)(j)] Car lease same as sales @ Jakubowicz 2011...
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This note was uploaded on 10/21/2011 for the course RSM 324 taught by Professor Kitunen during the Spring '08 term at University of Toronto- Toronto.

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Chapter 4 - Employment Deductions 2011 post - @ Jakubowicz...

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