TAX QUESTIONS? YOU ASK LAH!

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Q: I am a property agent operating under my personal name. I purchased a drone to take videos of houses for marketing purposes. Can the cost for the purchase of the drone be eligible for tax deduction?

A: Yes, the drone is eligible for tax deduction because it is being used for your business purposes. However, as a drone has an enduring useful life, it is treated as a capital asset. Therefore, the tax deduction given will be in the form of capital allowance under the Income Tax Act 1967, i.e. a certain percentage of the cost of the drone will be claimed as tax deduction each year until the cost is fully claimed.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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