David Warneke
Abstract
A common bar to the deductibility of expenditure is the Income Tax Act requirement that the expenditure must be in the production of income. For expenditure to be considered in the production of income, it must be expended for the purpose of producing an income that is taxable and not exempt.
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A common bar to the deductibility of expenditure is the Income Tax Act requirement that the expenditure must be in the production of income. For expenditure to be considered in the production of income, it must be expended for the purpose of producing an income that is taxable and not exempt.
Key concepts: Taxable income, Tax deduction, Deductible, Gross income, Income tax, Adjusted gross income, Economics, Production (economics)