Hi guys
Last year my Inc registered no income (I switched to full time employment for a year)
I am planning to resume my business activities as a side business this year and I need to submit my taxes for the previous year
I paid from my own pocket for mandatory car maintenance (the car is still under warranty) and then there is the CCA for this car
Can I deduct these if we had no income for last year?
If the answer is yes I will register these as Car expenses but the Assets=Liability+Equity does not match
How do balance this equation ? It seems that Amount due to shareholders is not the right option.
We also paid back a loan from the company and we overpaid like 10K. How do we register this transaction and take the money back?
