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sly2272 Loyal user 256 Posts |
Does any Canadian know of the tax exemptions for illusions & props, what category does it fall under, is it a 1 year, or more. Thanks for your time.
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Doug Arden Special user 886 Posts |
My accountant uses the lower priced items, those under $500, as a one time tax deduction. The more expensive items are depreciated over a five year period.
Of course your particular situation may be different than mine so it would be best to ssek the advice of a tax professional. Hope this helps. Doug |
MikeDes Inner circle Montreal 1174 Posts |
For small value item they can be written off in the year of purchase. Costumes (including tuxedos, suits, etc.) are also eligible to be written off in one year.
The tax act does not have a specific category for illusions but a 20% depreciation rate is fairly standard for such items including set decorations and theatrical equipment. |
sly2272 Loyal user 256 Posts |
Thank you.
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