Monteck Carter Chartered Accountants’ Post

FRIDAY FAQ's - Sponsorship Q: If I sponsor an event, am I able to claim this as a taxable deduction? A: If there is a direct correlation between the event sponsorship, and promotion of your business, then the expenditure can be a taxable deduction. An example where a taxable deduction may be allowed is for an accounting firm that sponsors performances of an opera to gain exposure to likely attendees of the performances. An example where it would NOT be considered a taxable deduction include the sponsorship of a sporting activity that is a hobby of the business proprietor but a completely different activity from the business. If you'd like to learn more, get in touch today.

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