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Speakbee · Apr 6, 2009, 11:53 AM

In Ontario, Canada, is it possible to claim expenses for preparing to start a business even if the business is not started in that taxation year? i.e. I spent a lot preparing to start a business in 2008 but won't start that business until 2009. If it is possible to make that claim, how far back can you claim? :confused:

AtlantaTaxExpert · Jun 4, 2009, 11:56 AM

Since you are located in Canada, this question by default addresses the Canadian tax systems.

This forum is for U.S. tax issues, NOT Canadian.

Speakbee · Jun 5, 2009, 05:19 AM

Originally Posted by AtlantaTaxExpert

Since you are located in Canada, this question by default addresses the Canadian tax systems.

This forum is for U.S. tax issues, NOT Canadian.

Thanks, AtlantaTax. I guess the fact that this was a US site only was written somewhere but I missed it. So this was a total waste of time.

AtlantaTaxExpert · Jun 6, 2009, 10:04 AM

Not a COMPLETE waste of time, because I would be willing to bet that you CAN deduct at least SOME of your start-up costs for your business this year even if the business does not start operations this year.

You CAN do this under the U.S. tax system, and it is likely also that way under the canadian tax system.