Taxpayer receives Artist’s Grant at the end of year from BC Arts Council, such grant was for the projects start the following year and reasonable eligible expenses to the specific projects will spend in the following year.
Anybody came across this situation? Can I elect to defer such income to the following year and paper file with a short note to elect. The guides are pretty general and no where ITA talks about this. Not like you’re allow to elect to exclude WIP for some professionals, e.g. lawyer, accountant, dentist, doctors.