How should I record start-up costs (not including capital assets) for incorporated business?
Business commenced on Jan 1, incorporated in May. My question is: for start-up expenses between Jan 1 and May 1, such as business name research, stationary and any expenses (nothing about capital assets), should I record them in according accounts say office expenses, repairs, rentals, etc.? Or is there a specific accounts called “start-up costs” only for 1st year so we can deduct as expenses for tax purposes?
How should I record start-up costs (not including capital assets) for incorporated business?
Hello,
Because we are software experts and not fiscal experts I would recommend you call CRA tax tip line to have them explain how this should be reflected, if after that you have questions on how to enter the information we are here to assist you. the CRA tax tip line is 1-800-267-6999.
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