Commission Employees:
To deduct the expenses you paid to earn commission income, you have to meet all the following conditions:
·
Under your contract of employment, you had to pay for your expenses.
·
You were normally required to work away from your employer's place of business.
· You were paid in whole or in part by commissions or similar amounts (based on the volume of sales made or the contracts negotiated).
· You did not receive a non-taxable allowance for travelling expenses. Generally, an allowance is non-taxable when it is based solely on a reasonable per-kilometre rate
· You were paid in whole or in part by commissions or similar amounts (based on the volume of sales made or the contracts negotiated).
· You did not receive a non-taxable allowance for travelling expenses. Generally, an allowance is non-taxable when it is based solely on a reasonable per-kilometre rate
Eligible expenses
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Accounting & Legal fee
ü
Motor Vehicle expenses
ü Entertainment
You can deduct the cost of entertaining clients (for example, food, beverages, tickets, and entrance fees to entertainment or sporting events). You can also deduct tips, cover charges, room rentals to provide entertainment, such as hospitality suites, and the cost of private boxes at sports facilities
ü Entertainment
You can deduct the cost of entertaining clients (for example, food, beverages, tickets, and entrance fees to entertainment or sporting events). You can also deduct tips, cover charges, room rentals to provide entertainment, such as hospitality suites, and the cost of private boxes at sports facilities
ü
Parking
ü
Licenses
ü Salaries for assistance
ü Training cost
ü Home office expenses
ü Advertisement & promotion
You can deduct expenses for advertising and promotion, including amounts you paid for business cards, promotional gifts, and advertisements
ü Salaries for assistance
ü Training cost
ü Home office expenses
ü Advertisement & promotion
You can deduct expenses for advertising and promotion, including amounts you paid for business cards, promotional gifts, and advertisements
ü
Lodging
ü
Supplies
ü Bonding & liability insurance premium
ü Computer and other equipment
ü Office rent
ü Travel
You can deduct the full amount you paid for travel fare, such as your airline, bus, or train ticket, as long as you paid it solely to earn commission income.
ü Bonding & liability insurance premium
ü Computer and other equipment
ü Office rent
ü Travel
You can deduct the full amount you paid for travel fare, such as your airline, bus, or train ticket, as long as you paid it solely to earn commission income.
ü
Commissioned life-insurance sales persons are allowed to deduct commissions earned with respect to the purchase of their own policies
Strength Behind Numbers
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