Golf and the Tax Man

Golf and Business
Golf and business go hand in hand. How many people do you know who took up golf because of a company golf tournament or for a great way to entertain clients? Sounds like a great way to spend an afternoon – a little golf, a little business. But not according to Revenue Canada. Golf does not enjoy the same benefits with regards to tax deductions as other sports – say hockey. In the US golf related business expenses are deductible from your bottom line, lowering your company’s tax obligations. Not so in Canada.

The Tax Rules
BDO Canada provides a well written and easy to understand breakdown of meal, golf and golf tournament expenses and what is currently not deductible.

Read the BDO Canada web page here.

The issues has gained momentum lately and many news outlets have printed recent stories. Below is a collection of stories on the topic. We will be following the issue closely and will update this post with further information.

BC Golf News – January 4th, 2012

Canadian Golfer – January 4th, 2012

The Wall Street Journal January 3rd, 2012

Waggle Room – January 3rd, 2012

Please fell free to post your comments on this issue.