By : Jerry – The Easy Tax Guy

Income Tax Act

Did you know that you could get a tax write off for parking tickets or speeding tickets??

Did you get, this year

between $100 to $500 worth of tickets?

The Real cost of these tickets to you before tax is $200 to $1000.

2- Develop a tax plan to write off the tickets.

Penalties and interest may be tax deductible.

If you incur penalties or interest for GST reassessments, provincial sales taxes, overweight truck fines, parking tickets, speeding tickets, or penalties  were incurred to earn income, then the Supreme Court of Canada ruled they are tax deductible.

The Court determined that all fines and penalties are deductible for tax if incurred in the course of earning income. However, penalties or interest levied under the Income Tax Act are specifically not deductible as are fines or penalties under the Criminal Code.

The interpretation of the Supreme Court ruling is complex.
See the Consultants of  Easy Tax Canada  to determine whether a penalty or interest was incurred to earn income and whether the amount is therefore deductible for tax.

The professionals at Easy Tax Canada can help you to plan and structure your Speeding Tickets and Parking tickets for the rest of your life in Canada.

Each case is sensitive, and needs special attention.