TAX QUESTIONS? YOU ASK LAH!

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Q: If I need to incur costs to restore the rented business premises back to its original condition upon returning the premises to the landlord, are these costs tax deductible?

A: If it is stated in the tenancy agreement that it is your responsibility as a tenant to restore the business premises back to its original condition upon returning the premises to the landlord, the restoration costs will be tax deductible against your business income.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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