![]() ![]() Transportation costs like public transit passes and taxis fares incurred when meeting with customers, suppliers and other business contacts. Rent, Utilities, Insurance, property taxes incurred for office for factory spaceĬonference expenses including travel, business trips etc. ![]() Wages, salaries, fringe benefits paid to employeesĪmounts paid to subcontractors who perform work for you business and provide you with an invoiceĪdvertising and marketing costs including online advertising, website related costs and commissions paid to salespeople. This can also include shipping costs, duties and packaging. There are a number of deductible expenses which apply to any business structure and are listed below:ĭirect costs used to run your business which can include the purchase of raw materials or products for resale. Tax Deductions: What types of expenses are deductible? Get your free small business tax return checklist. What you need to know about your sales tax (GST/HST) and provincial sales tax (PST/QST).ĬPP contributions and how to calculate themĭiscover insider secrets, tools, techniques, and must-know information from author Ronika Khanna CPA, CA, & CFA, and learn to navigate Canadian small business taxes with ease How to prepare and file your small business (unincorporated) income tax return. The essentials of small business/self employed accounting. The difference between tax deductions and tax credits and how to minimize tax. How and why to register for an online CRA Account. The differences between being an employee and a small business/self employed. How income tax applies to small business or self employed owners.Ī discussion, layman’s terms, about tax brackets and rates. Inside this comprehensive and helpful guide for unincorporated business owners, you’ll discover:Ī comprehensive breakdown of business expenses and deductions with examples to help you save money. Avoid simple errors, oversights and miscalculations and save your hard earned money by claiming the tax deductions that you are entitled to. Learn how to navigate taxes and pay only what you owe. ![]() Understanding your small business taxes is easier than you think. Small Business Tax Facts: An Easy-to-Understand Guide for Canadian Small Business Owners teaches you the fundamentals and the facts about income and tax. Navigating Canadian taxes as a small business or self employed owner can be challenging: Since you now have the intent to build a business the income earned would have to be reported and expenses incurred to earn this income would be deductible. Of course if your cat picture website starts to become popular and you decide that you want to actively build this business by advertising on the site or partnering up with cat product resellers, your non commercial hobby could then be considered a business. However, if the purpose of your website is simply a place to show pictures of your cat, this would not be considered a business and therefore not a deductible expense. For example if you purchase a domain name with the intent of setting up a website to sell your goods or services, this would be a deductible expense. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income. ![]() Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. ![]()
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