Tax questions? You ask lah! #50

Published: Wed, 11/24/21

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

Can loan interest be considered as incidental cost in the calculation of Real Property Gains Tax (RPGT)?

A:
No, because loan interest is not part of the incidental costs used for the calculation of acquisition price or disposal price as stated in the Real Property Gains Tax (RPGT) Act.

If a company buys insurance for staff, the policy owner is the staff and the beneficiary is his family member. Is the premium paid by the company tax deductible?

A:
Tax deduction is not allowed because the insurance is the staff's personal insurance policy. But if the company includes the premium paid into the staff's EA form as his remuneration, then the company can claim tax deduction for the premium paid.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. Want to go WAY deeper? Want to SAVE tax for your Business? Join my FREE Tax Livestream @ https://bit.ly/zen-taxlive

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