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Q: If I make an online bank transfer using my company’s bank account to an existing customer to sponsor their company annual dinner and they have provided supporting documentation for the sponsor. Can my company claim tax deduction for the sponsored amount? 

A: All cash sponsors to customer or supplier without benefits in return such as advertisement are disallowed expenses.

Wishing you plentiful tax savings! 

Zen Chow

YYC Tax Guru

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