Failure to provide adequate receipts or documentation to support expenses on your taxes could land you in hot water with the CRA. Read more.
It should be noted that the CRA did allow other advertising and promotion expenses totalling $32,493 in 2016, and $17,602 in 2017. Why did the CRA allow some of the taxpayer’s advertising expenses, but not others? It seems the denied expenses were related to services allegedly provided to the taxpayer by corporations wholly owned by her spouse and daughter.
That each of the four payments in question to family members was just below $30,000 doesn’t wholly surprise me. Years ago, at a tax seminar I was giving in Halifax, I was asked by a financial adviser: “What is the magic number I canAll expenses you plan to deduct on your tax return must be reasonable.Naturally, I responded that there is no “magic number,” and that all expenses you plan to deduct on your tax return must be “reasonable.
The judge was skeptical that the amounts were ever paid to the taxpayer’s daughter or husband, as the receipts presented into evidence showed neither a description of the services rendered, nor a method of payment.
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