Definitions for letter O (Business)

Objection

A statement of facts and reasons detailing why a taxpayer or registrant disagrees with an assessment or reassessment.

Operating expenses

The routine costs of running a business. They include expenses for gasoline, electricity, and office supplies. They do not include the cost of buildings or machinery that are expected to last for several years. For more information on those types of expenses, go to capital cost allowance.

Outlays and expenses

These are amounts that you incur to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain or capital loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses. These types of expenses include fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs.

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