Don’t write off your bong, and other things to know about cannabis and taxes

Ottawa can rake in up to $100 million per year from excise levies on cannabis, but that doesn’t mean everybody should try to get that money back by claiming pre-rolled joints on their tax return.

Canada’s historic legalization of recreational cannabis may have ushered the drug into the mainstream, but it was a non-event from an income tax perspective. It doesn’t matter if pot helps you sleep or soothes your aching joints, cannabis has no business on your tax return without a real prescription.

“The only way you can claim cannabis as an expense on your return is if it is for medical reasons, and you have a valid prescription from a medical professional that says you require it, and you’ve bought it legally,” Jamie Golombek, CIBC’s managing director of tax and estate

... read more at: https://finance.yahoo.com/news/dont-write-off-bong-things-know-cannabis-taxes-161004745.html

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