Owning your own small business is not only a passionate journey to realize your potential, but it is also a tax savvy one. Starting your own business also means that you will be paying less to our tax man ie CRA.
As a small business owner, you should be aware of all the tax write offs available to you:
- Home Office Expenses – Utilities, mortgage interest, repairs, home insurance etc.
- Vehicle Expenses – See list below
- Capital cost allowance (if you own)
- Lease payments (if you lease)
- Repairs & maintenance
- 407 charges
- Vehicle registration fees
- Capital Assets:
CCA (capital cost allowance) is a big tax write-off for small businesses.
- Business Expenses such as the following:
- Legal, accounting and professional fees
- Bad debts
- Materials & Equipment
- Meals & entertainments (50% only)
- Salary and wages
- Courier and postage charges
- Membership fees, licences
- Interest on loans
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