Boxing Day Bargains Are Good Tax Strategy Too

I wrote a few days ago about how important it is for small businesses to support each other this holiday season. Buying from other small businesses is a lovely gift that they will certainly appreciate. But it can also be a gift to yourself as it can give you a break on your income tax.

Assuming that the product you're buying is an asset for business use, you'll be able to claim a portion of the cost of your purchase through your Capital Cost Allowance claim. Read more about how to use your Capital Cost Allowance claim to reduce your income tax in 8 Small Business Tax Strategies to Reduce Income Tax.)

So look around your office and see what you need and hit the stores. If you shop at a small business, it could be a gift to both of you.

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