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Why does TT mix in banking fees with other management and administration fees, when CRA sees them as different? Mgmt & admin are for software subscriptions and the like.
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June 14, 2021
8:20 AM
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As per CRA:
Line 8871 – Management and administration fees are: management and administration fees, including bank charges, incurred to operate your business. Bank charges include those for processing payments.
In TurboTax Online Self-Employed, you can put software subscriptions in office supplies (Line 8810 – Office expenses or Line 8811 – Office stationery and supplies) or in other expenses (Line 9270 – Other expenses)
You may also be interested to check this TurboTax article: Computer Software Deductions for Business Owners
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December 29, 2021
9:15 AM