Bookkeeping for Non-Deductable Fines

In Canada, a parking fine, a seat belt fine, a tow fine,an overweight or over-length truck fine are all non-deductible. The company can expense it; however the company is unable to claim it as a business expense for tax purposes. It would be best to create a non-deductible 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