Ali is the sole proprietor of his own company in Canada called Musk Oil which produces toiletry
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Question:
Ali is the sole proprietor of his own company in Canada called Musk Oil which produces toiletry items for men and women. He wants to pay a salary to his wife, Elena, in order to be able to deduct the salary as a business expense thereby reducing his taxable income.
A. What conditions must be met forAli to be able to do this ? Explain in detail.
B. What is Capital Cost Allowance (CCA)? Would Ali, from the question be able to claim CCA as a sole proprietor - why or why not? Explain in detail.
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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