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Can I write-off my computer as a business expense if I paid for it personally? - Madan CA

Can I write-off my computer as a business expense if I paid for it personally?

Allan Madan, CA
 Aug 30, 2012
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Question

I need a new computer, and am going to buy a laptop at some point in the near future. I believe it is appropriate to write this off 100% as a business expense, since the computer will primarily be used in support of business purposes.

Is it okay to purchase the computer using my personal credit card (as I don’t have a business one), and then reimburse my personal account directly from my corporate account in the amount paid for the computer?

Answer

Yes, you can purchase the computer using your personal credit card, and then have your corporation reimburse you for the cost.  While the computer may be used primarily for business purposes, the corporation can not write-off the entire purchase amount in a single year.  Rather, the cost of the computer is depreciated (CCA) at a rate of 55% per year. For more eligible write-offs check out tax write-offs for a small business in Canada.

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.

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