The IRS Deductions Blog

Question: Can gifts to business associates be a tax deduction in Canada?

I run a small business, I have bought gifts to my suppliers and customers. Can I use these expenses as a tax deduction? (Canada)

Answer: yes, its an allowable tax deduction as long as the gift is under $750 in value, and not taxable in the hands of the recipient.

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Every year, the Internal Revenue Service dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the “oops” list is forgetting to enter their Social Security number at the top of the tax form — or making a mistake when entering those…

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