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The health indicators for small business in Canada show weaknesses that should be of concern to all Finance Ministers who face their own challenges in offsetting growing deficits and debt service costs with economic growth. From new bankruptcy statistics (see below) to CFIB’s Business Barometer for March, the business outlook, at least in the short term is somber. In addition, 77% of advisors who answered Knowledge Bureau Report’s March poll, believe the recent CEBA deadline will push more into bankruptcy.
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Did you know that the moving expenses deduction has been around since the 1972 taxation year? It was one of the original provisions of the Budget 1971 – which introduced the last major tax reform in Canada. It was originally intended to recognize the expenses incurred in moving to a new job or educational institute to study and since has been extended to include moves to new locations for self employment purposes as well. About 85,000 people claimed this deduction based on most recent statistics and it is quite lucrative. Here’s what’s claimable:
I have heard and seen a lot of funny things on planes, trains and other modes of transportation, but a memorable episode recounted by a fellow traveller involved an emotional support turkey firmly grasped by its owner who was afraid of flying. It reminds me of a question I often get: can I claim my fur-baby on my tax return. In some cases, the answer is yes.