Understanding Capital Assets Vs Expenses

By |2023-06-30T14:18:35+00:00September 21st, 2023|Uncategorized|

Small business owners in Canada face a lot of challenges, and taking care of finances is among the top priorities. Understanding the difference between capital assets vs expenses is important for both tax purposes and for making decisions about your business. Why? You ask. Well, let's start with what capital assets are. What is a Capital Asset Capital assets (also often called Property, plant and equipment in Canada) are long-term assets that are critical for business operations. These assets are typically expensive (over $500) and have a useful life of more than one year. Examples of capital assets include buildings, equipment, [...]