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ansharora05-gmai
February 4, 2024
Question

I started a business and invested some money into it, does that give me any tax benefits

  • February 4, 2024
  • 1 reply
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    1 reply

    TurboTaxSusan
    TurboTaxSusan
    February 4, 2024

    It depends on what you did with the money. Many costs can be claimed against your business income, though startup costs often can't be claimed. If you bought something like a vehicle or machinery, you can take Capital Cost Allowance on it to further reduce your taxable business income.

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