Quote:
Originally Posted by troutman
Is it true that if I operate a business, I can write off all my entertainment expenses?
There was a cranky letter to the Herald the other day suggesting it was improper for companies to write-off entertainment expenses (such as Calgary Flames season tickets). That didn't seem right to me. It certainly works as a great business tool for us.
Anyone here know the answer?
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http://www.ey.com/Global/assets.nsf/Canada/MYPT2008/$file/MYPT2008.pdf
Cost of tickets - 100% deductible.
Golf Green Fees - 0% deductible.
Golf Balls bought for a client - 100% deductible.
Client Meals / Beverages at games - 50% deductible. Track em seperately.
Following this - I would guess that a fly fishing trip is also deductible, but 50% of the meals....
There are differing rules around conventions and staff parties too.
Ole' cranky pants that wrote in to the Herald is probably just jealous as no one takes him to games in his/her vocation.