You MUST know these interpretations of Canadian tax law, or you must give them to your accountant. They help you maximize your tax credits, minimize your taxes payable and explain repeat annual losses (if you have them).
Bulletin 504R2, “Visual Artists and Writers”
Online version here.
Bulletin IT514 “Work Space in Home Expenses”
Online version here.
Bulletin IT473R “Inventory Valuation”
Online version here.
There are many other interpretation bulletins that may be of interest to you at the CRA Site (claiming car expenses, claiming support payments, etc) depending on your circumstances.
Also, as you mentioned to me in class:
ReplyDeleteIT-525R (Consolidated)
This bulletin discusses the criteria used by the Canada Customs and Revenue Agency (CCRA)1 to distinguish a performing artist who is an employee from one who is self-employed. This distinction is important in determining the expenses that are deductible in computing the artist's income.
Avalable: http://www.cra-arc.gc.ca/E/pub/tp/it525r-consolid/it525r-consolid-e.html