Canada Revenue Agency has recently changed its policy on the deductibility of expenses paid out for meals and beverages at a golf facility. Canada Revenue Agency had previously interpreted the word “facility” to include all amenities that are available at a golf club. The new interpretation restricts those amenities to those services offered by a golf club that are recreational, such as fees to play a round of golf. Under the new policy, green fees are not deductible however; meals and beverages consumed at the clubhouse during the course of business are deductible and subject to the 50% deduction rate. The expenses must be separate from golf fees and be itemized. The new interpretation applies to previous claims that were denied as long as the prescribed time to file a Notice of Objection has not expired.
What is the perfect time to sell your business?
Introduction Entrepreneurs often wonder when the right time to sell their business