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Susan Ward

Boxing Day Bargains Can Give You a Tax Break

By December 26, 2013

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I don't know how it started but I know that the Boxing Day shopping tradition is a real boon to retailers.

As a small business owner, picking up some Boxing Day bargains can also 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.)

(And if you're looking ahead to tax season and How to Calculate Capital Cost Allowance bookmark this page.)

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.

Buying Advice & Suggestions

Learn More About Canadian Income Tax

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