Deck the halls! It’s Christmas time and you and your employees deserve a break, so trim up the tree and get everyone together for a holiday party. Whether you choose to treat them a little, or a lot, keep in mind that you can take 100% of the cost as a deduction for corporate tax purposes in Canada! It’s the season of giving, but don’t end up giving the government more money than you have to!
So, you heard it right: everything you spend on a holiday party from food and drink to gifts and venue fees is completely deductible, as long as it includes all your staff members and their spouses, independent contractors and clients.
Some things you should know:
- It’s best to conduct the holiday party either in your office or at a venue that is not your home.
- Keep a list of all those in attendance, just in case.
- Save all the receipts related to your holiday party for tax purposes.
- Be sure to let your tax preparer know that you will be deducting 100% of the cost of your holiday party.
- And last but not least: Enjoy your holiday party!
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