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Re: Per Diem again
Are there any other Canadian Owner/Operators here? I have been searching this morning for information for Canadians pertaining to how meal expenses are handled at tax time. It appears from everything I have read, we are only allowed to claim a per diem amount (which, btw, is less than the USA amount), IF we are an 'employee'. (And even then, we can only claim 50%, vs the USA 80%).
So my question is.. owner/operators of a own 'sole proprietorship', (as opposed to an incorporated company), must submit actual receipts for meals, vs simply claiming the per diem amount? And then, it's only 50% of the actual receipts? And what about those who buy groceries to eat on the road, as opposed to eating out all the time?
Of course, the solution here would be to incorporate, but we haven't done that yet, (we were going to wait until it was worth it, in relation to net income).
Is there a resident tax expert here for the Canadian contingent?
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