Greens Fees: A Tax Write Off?
By mustang6560 on 1/4/12
A number of lawmakers in the Canadian Parliament hope to take advantage of a relatively strong economy and friendly Prime Minister to reform a law from the early 1970s that barred companies from writing off greens fees from business-related golf outings on its tax returns.
Since 1971, Canadians have been barred from deducting greens fees for business-related golf outings. Canadian companies and businessmen can deduct hockey and other professional sports events, theater and concert tickets, and pricey meals at the country's finest restaurants, so long as they are business-related. But deducting a host of golf-related expenses—a staple of the tax code south of the border in the U.S.—is out of bounds.

A caucus of about two dozen parliamentarians from across all political stripes is pushing to persuade Canadian Finance Minister Jim Flaherty, himself an occasional golfer, to throw out the old law—introduced in an era when policy makers still viewed golf as an elitist pursuit. Today, golf is the country's most popular recreational activity, beating out even the national pastime of hockey, according to the country's statistics agency.
It makes sense to repeal or reform (whatever you want to call it) this antiquated law, especially since companies can deduct things like sporting events, theater and concert tickets and meals at world class restaurants. It definitely feels like golf is getting the raw end of the deal.

I learned two things from this article worth mentioning. First, golf is apparently more popular than hockey in Canada - how a-boot that? And second, there is such a thing as a "golf caucus" - #neverwouldhavethought!

read more



photo by keepitsurreal


[ comments ]
bkuehn1952 says:
One has to wonder how much business is actually transacted at all these sporting events, dinners, theater visits, etc... Certainly a business deserves to deduct legitimate marketing expenses and I have benefited from tabs being picked up in the name of business. Nonetheless, it rubs me a bit the wrong way to think of Bank of America executives playing Pebble Beach (or watching "Wicked") while some poor sucker is getting tossed from his "under water" mortgaged home.
1/6/12
 
[ post comment ]
 
    New Products
    Stats
    Caption This
    World Am
    How Bizarre!
Most Popular:

Subscribe