Corporate Expenses vs Sole Proprietor Expenses

(Ontario, Canada)

T2 Schedule 1 vs GIFI Income Statement

T2 Schedule 1 vs GIFI Income Statement

Do the rules regarding expenses for sole proprietorships/partnerships also apply to corporations (Canadian federal)?

e.g. GIFI 8521 Advertising (

Thank you in advance!

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Generally, yes. But also take a look at your Schedule 1 which adjusts your GIFI income statement for certain income and expenses that cannot be used in the calculation of your net income (loss) for tax purposes. See for more information.

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