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Updated almost 9 years ago, 01/03/2016
Cash Payment to Contractor
I will be signing a contract with contractor tomorrow for home repairs prior to renting (hoping I can find tenant by Feb 1). Couple of questions:
1. Is paying by cash a good idea for ~$2000 repairs as the contractor is offering ~6% discount.
2. Can I write off these expenses later if these repairs are performed prior to renting and paid in cash ?
Leaning more in the direction of paying by cheque as this is the first time I am using this contractor (although he seems OK and the saving are just ~$150!) and keeping in mind the tax write off if expenses incurred on the property prior to renting permissible during tax filing ?