Published:
February 23, 2010 11:18 am EST
A recent Canadian court decision could lay new groundwork allowing part-time horse owners to deduct all losses incurred against annual income tax
Current regulations allow part-time owners to deduct expenses against other business income to a maximum of $8,750 annually. In December 2009, the Tax Court of Canada ruled in favour of part-time standardbred owner John Craig, who derives most of his income from his legal practice. The Government has subsequently appealed the decision.
Trot Radio's Norm Borg talks to lawyer Catherine Willson for her insight on the ruling and how beneficial this could be for the harness racing industry.
Episode 96 - Equine Law Expert Catherine Willson
Running Time: 13:57
Audio Format: MP3 audio
Host: Norm Borg
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I think we should give a big
I think we should give a big hand to Mr. Craig although a change of trainer would probably have resulted in less of a loss for his harness racing endeavors/operation. Hard to win races with a 5% trainer.
As usual, this ruling will
As usual, this ruling will be tied up for who knows how long by the appeal process that the CRA has initiated. However, kudos to Mr. Craig for his perseverance in getting it this far. If successful, a great many of us will benefit from his endeavours. It is a gruelling and daunting task to take on the CRA but, hopefully, Mr. Craig and the rest of us who are battling this very issue will triumph over the insanity of our beloved government! Thank you, Mr. Craig, Ms. Wilson and anyone else who has dared to fight this one out!
Good job Normie, ever think
Good job Normie, ever think of giving accounting classes on dark nights ? Keep up the good work eh . . .
... and thank you Norm. Very
... and thank you Norm. Very helpful information!
Thank you Mr. Craig!
Thank you Mr. Craig!