This is for TurboTax 2017. The 2 oversea trips is to check with likely backers that can they will become my clients if I do start a business. Since those trips (and a new computer) happened before I start my business, I am not sure where to claim them. There isn't a line called "Startup Expense" or something.... Any help would be much appreciated.
If you start a business, the Canada Revenue Agency allows you to deduct your start-up costs as allowable business expenses. However, the expenses must be incurred after the day your business commences in order to qualify for this deduction. The key is determining when your business "commenced".
If you determine your start-up costs are eligible, you enter on the tax form in the same way you would any expense - on the appropriate line and differentiating between "Current and Capital Expense". There is no specific line or box for "Start-Up Costs".
Please read the following Tax tip from TurboTax (contains links to CRA information) on this subject:
Hello,
I formed my incorporated business on 25th Sep. The CRA has however assigned me reporting period starting from Oct 3rd. Please let me know where i can charge the expenses of incorporation. Is it under 'Other expenses'? Is there any specific limit that can be put under startup expense.
Thanks