RSM324H1 Chapter Notes - Chapter 4: Cervix, Pension, Tradesman
15 Feb 2017
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Rate of amortization: cca=30% annually on the undepreciated cost (15% in 1st year) If owned: max. cost of an auto available for cca is ,000 + federal and provincial sales tax. If leased: max. lease deduction is + federal and provincial sales tax per month. If having a loan: deduction for interest paid is /month: deduction for meals and entertainment incurred during travel is limited to 50% of the actual costs incurred. Exception is meals: employee must travel away from the metropolitan area of the employer for at least 12 hours for this cost to be deductible. Small tools or books purchased by teachers are not deductible because they are not consumed by use in a short period of time. Tradesperso(cid:374)"s tools dedu(cid:272)tio(cid:374) can deduct the cost of eligible tools (excludes communication devices and computers) in excess of ,000 to a max. of . Tradesperson: any person engaged in an occupation that demands a.
