Business: Tax tip for Canadian freelancers

Subject: Business: Tax tip for Canadian freelancers
From: "Geoff Hart (by way of \"Eric J. Ray\" <ejray -at- raycomm -dot- com>)" <ght -at- MTL -dot- FERIC -dot- CA>
Date: Tue, 10 Nov 1998 07:52:11 -0700

I just stumbled across an interesting tax tip that should prove very
beneficial for Canadian freelancers. According to _Profit_ magazine
(Oct. 98, p. 8), Revenue Canada has changed the depreciation rules for
computer equipment to help entrepreneurs address the Y2K problem: If
you can demonstrate that your computer equipment or software,
purchased between January 1998 (1997?) and June 30/99, isn't Y2K
compliant, you can write off the expense of replacing it at 100%
(rather than the usual sliding depreciation) in the first year. There
aren't enough details in the small news blurb to see exactly how this
works, but it's a potentially large windfall if you've just upgraded
or are seriously considering upgrading your computer. Contact Revenue
Canada for details, or talk to your accountant.
--Geoff Hart @8^{)}
geoff-h -at- mtl -dot- feric -dot- ca

"Patience comes to those who wait."--Anon.

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