I was fully reimbursed by my client for meals I purchased while providing services to my client. Are my meals expenses 100% deductible in this case?
Allan Madan, CA
Yes. You will be able to fully deduct your meals expense against the reimbursement (which is treated as income). Therefore, the net effect on your income would be $0. The amount will be 50% deductible for your client.t be charged on shareholder loans to avoid a taxable benefit.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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