The construction industry and its taxation
In general, construction companies comply with the same tax rules as those working in other areas of the economy. Taxation is a boring subject for most people. Our entrepreneurs believe that it is more important to devote your efforts to carrying out contracts than to ensure that you get all the credits and advantages that good administrative management could bring. Here are a few nice tips that could make sure that the figure at the bottom of your financial statements is the way it should be: – Travel expenses that you reimburse to your employees are eligible for input credits for both the GST and the QST. When your project manager gives you his monthly travel statement, at $ 0.51 / km, you can claim taxes on this amount. By the end of the year, it’s most likely close to $ 1,000.00 Similarly, the allowances for travel expenses provided for in collective agreements constitute taxable expenses. Obviously, the people to whom you pay these benefits are not registrants, but the expenses they incurred are normally taxable.