Bookkeeping for Non-Deductable Fines

In Canada, a parking fine, seat belt fine, towing fine,
overweight or over-length truck fine or other general fines are non-deductable. The company can expense it; however is unable to claim it as a business expense for tax purposes. It would be best to create a non- deductable fine account to post any fines to. This way the accountant can take the dollar amount off the profit or loss when doing the tax return at year end.

 

Dianne Mueller CPB Certified Professional Bookkeeper

www.simplysoma.com