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Business man writeoffs

I am a business man who is thinking of going into bankruptcy due to the tough economy. My question is since I am self employed can I write off my medical insurance and school tuition during bankruptcy? (Can I deduct them and they NOT count against my surplus income)

Posted from: Ontario

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One Response to “Business man writeoffs”

A licensed trustee said...

You may usually claim any legitimate business expense – the test is whether or not the Canada Revenue Agency (CRA) will accept the expense as a deduction for your taxes. If they will then your trustee should also allow it.