How do I name and separate several Miscellaneous Business Income Expenses?
I have 2 x separate deductions that would fall in Miscellaneous Business Income Expenses. How do I name each of these expenses and break them out as separate line items?
I can only enter a single lump sum number and cannot name the expense.
You should keep a list in your records along with your receipts should the Canada Revenue Agency (CRA) require them in the future. It is recommended to keep all receipts for 6 years.
Thanks. Can the T1 be manually edited then to list expense items? I would think unnamed expenses without explanation would be more susceptible to audit?
No auditing may be more likely to be activated when the amounts are extremely different from other years. If you need clarification please contact the Canada Revenue Agency (CRA) at 1-800-959-8281.
