Entrepreneurship & Small Business

Small business samples to give to charity for a tax reciept

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  • Dec 25th, 2014 12:22 pm
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[OP]
Newbie
Dec 22, 2014
3 posts
Orangeville, ON

Small business samples to give to charity for a tax reciept

Hi,
Anyone knows where we could donate our samples(BMX riding gear,mostly jerseys )for a tax receipt?

Thx
4 replies
Sr. Member
Dec 7, 2003
860 posts
102 upvotes
That link above is for individuals, so does not pertain to the OP assuming they are incorporated.

Record the "donation" as a sale/disposal for $0 in your accounting records; that will get you the appropriate result if your systems are set up correctly. Tax receipts are useless for corporations.
Jr. Member
Oct 23, 2006
123 posts
36 upvotes
MasterAvatar wrote: That link above is for individuals, so does not pertain to the OP assuming they are incorporated.

Record the "donation" as a sale/disposal for $0 in your accounting records; that will get you the appropriate result if your systems are set up correctly. Tax receipts are useless for corporations.
But then the expense would be sample cost and not the sale price. Am I missing something?
Sr. Member
Dec 7, 2003
860 posts
102 upvotes
hellohello wrote: But then the expense would be sample cost and not the sale price. Am I missing something?
If you are trying to get a deduction for more than the cost, then you would also have to record a gain on the sale (and in the end you would be in the same place).

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