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...pose of gaining or producing income and the expenses incurred for stolen inventory cannot be deducted because the inventory did not gain or produce income for the business. Additionally, according to section 67 deductions cannot be made in respect to an outlay or expense if the amount is not reasonable (“Hammill v. The Queen,” 2004). The expenses incurred by the taxpayer for the meals and entertainment of a client the taxpayer is limited to deducting fifty percent of the meals for the calculation of business income for tax purposes but the amount must be added back in current years net income. Overall, the Income Tax Act allows the deduction of specific outlays and expenditures for reasonable amounts, and there are reserves for specific outlays and expenses, given that they need to be added back to income on the subsequent or current year depending on the expenditure.
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