Business Reconciliation Flashcards
1
Q
Ammortization/Depreciation
A
Added to income for Business
2
Q
Capital gain
A
Half of it is added to income, other is deducted
3
Q
Landscaping
A
Deducted if it is related to building or structure and is paid for in the year
4
Q
Bond Interest
A
Added back to income, it is not regular interest
5
Q
Interest
A
Not included unless it relates to CRA penalites, which would be added to income
6
Q
Meals & Entertainment
A
50% is included in income
7
Q
Warranty costs
A
added back to income
8
Q
Pension expense
A
Full pension expense - any contributions = Added back to income
9
Q
Golf membership
A
Always included in income
10
Q
Charitable donations
A
Always included
11
Q
Foreign advertising
A
Not included IF it is for your target market/customers in another country
