I am a lease operator of a long haul truck. I am trying to file my own T2. This is my first time filing T2 and have some questions. Hoping I can get some answers please.

[kaylatransport]

1. I am the owner and the only employee of my corporation. Does my corporation qualify as a CCPC for the small business deductions?

2. I have some payroll remittance due on January 15th 2018 for 2017 payroll which I havent paid yet. Can I claim those for my 2017 deductions?

3. I am claiming CCA on my leased truck as it is a finance lease. The truck is used and would have been fully amortized on my lessor's books before leasing it to me. Is it appropriate for my corporation to still claim CCA on it?

4. I have a personal line of credit but I have used it almost 90% for business. Can I claim the interests as deductions to my corporation?

5. I have been told that as the owner of the corporation and its only employee, I can remit my payroll deductions at the end of the year rather than on a monthly basis and not incur penalties. Is this correct?

6. Are my daily meals ($17 per meal) still deductible on my personal return or my corporation should claim them?

Sorry for a lot of questions - I do appreciate any help. Thank you.

[KingOfPuns]

   I can answer some of your questions. 1. See this website - https://turbotax.intuit.ca/tips/the-small-business-deduction-does-your-corporation-qualify-6143 2. Any operating expense incurred in 2017 you can deduct on 2017 taxes when reporting on an accrual basis regardless when they are paid. 3. New, used or the previous owner claimed CCA on the truck is irrelevant. You can still claim CCA on the price you paid for it. 4. All bank charges and interest you paid pertaining the cost of operating your business is deductible. 5. This question is best asked of CRA. 6. See if this page answers this question. https://turbotax.intuit.ca/tips/how-to-document-meal-and-travel-expenses-5475 Hope this helps you somewhat.

[william_newfeld]

Hello,

After having looked over the information Provided I wanted to make it clear that some of these questions are better to be asked to the CRA then to TurboTax Business Incorporated, for example question one with the CCPC most companies are CCPC but its CRA that can 100% determine that answer for you.  For question number two I am once again not 100% certain of this answer and would recommend speak with the CRA tax tip line available from the CRA website.  As for questions 3,4,5 and 6 The answer to these is yes.  For any other questions please contact us at 1-866-438-8020.