How to account for goods (inventory) that was purc...
New Member

How to account for goods (inventory) that was purchased, but never actually taken possession of, due to the deal falling through, but I was still stuck with the expense?

 
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Moderator

Getting started

This would be reported under the Losses Profile which can be found under the Deductions tab  - Losses Profile.

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New Member

Getting started

Thanks. And do I input 'zero' for the line that asks "What was the value of your closing inventory?". I'm worried that declaring something as having value at opening inventory, and then being a complete zero at closing would raise red flags for the CRA...
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Moderator

Getting started

It's a loss so yes you input zero.

Please review link below to avoid any unnecessary audit alerts:

How can I protect myself from a CRA audit?
https://turbotax.community.intuit.ca/replies/3394573
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