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 (http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/menu-eng.html)

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 http://www.cra-arc.gc.ca/E/pub/tg/t4012/t4012-05-e.html#P1273_106599 for more information.

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