Tax Write Offs for Small Business in Canada by Accountant Toronto What are the tax write-offs available to small business owners in Canada? If you are a small business owner in Canada, its important to be conscious of all conceivable tax writes offs on your company. Tax write offs taxes payable and will significantly reduce your business taxable income. Home-Office Expenses Tax Write offs for Small Business in Canada The most common of the tax write offs for small business owners in Canada are home-office expenses. Home office expenses include: Mortgage interest Utilities Property taxes Repairs & maintenance Home insurance You can't write-off 100% of those expenses, but you can deduct a portion that is reasonable. For instance, if you have a home office (for example a den, a basement, a bedroom or an enclosed space that you use just for the work), then the percent of your home office expenses which you can deduct is equivalent to the percentage your home office space is of the absolute size of your home. If your home office space is 15% of the total square footage of your home, then you can deduct 15% oem software store of your home-office expenses. That hopefully will lead to a tax refund for you and can really add up.
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You should talk to an Accountant in Toronto, before deducting home office expenses. Auto Expenses Tax Write offs for Small Business in Canada Accountant Toronto Auto expenses are a major tax write off for small businesses in Canada. Car expenses include: Capital cost allowance ( in case you own) Fuel & petroleum Insurance Lease payments (if you lease) Parking Repairs & maintenance Toll prices Vehicle registration fees You cannot write off 100% of your auto expenses, but you can deduct the business portion. For instance, if you drove 20,000 kilometers in the year, and 50% of those kilometers were for business purposes, then deduct 50% of your car expenses. Furthermore, if you own your vehicle then you certainly can write off 30% of the price of your vehicle annually, which is referred to as Capital Cost Allowance. For example, if your vehicle cost you $30,000, then you could write off up to $9,000 in the first year. Like other car expenses, capital cost allowance must be prorated for the business use portion of your auto. You should check with an Accountant in Toronto, to determine the tax benefits available for you when buying your next automobile. Business Expenses Tax Write offs for Small Business in Canada Most business expenses incurred by small businesses.
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The Canadian Income Tax Act states hat any expense incurred for the intent of earning income from business, provided that that expense is reasonable, is tax deductible. Put simply, company related expenses which you incur (as long as theyre reasonable) are tax deductible. What are some of the common kinds of business expenses that a small business owner can write off? They contain: Advertisements Capital cost allowance (e.g. on gear purchases and auto) Home office expenses Internet Stock purchases Lease payments Meals & entertainments (50% just) Lease Wages and wages Sub-contractors Supplies Phone Tools Speak with the Accountant in Toronto if youre missing any tax write offs to find out. Capital Assets Tax Write offs for Small Business in Canada Tax depreciation (i.epital cost allowance) is a huge tax write-off for small business in Canada. A capital asset is something of tangible value, which will survive a long time period (typically more than 1 year). Capital assets include furniture and fixtures, equipment, computers, etc. These assets cannot be written off in a single year.
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Capital assets are written-off over a period of time predicated on the Canada Revenue Agencys stated depreciation rates, which are as follows: Equipment 30% per year Furniture & fixtures 20% per year Applications 50% per year Computers 100% Computers contain laptops, notebooks, desktops, hardware and computer related equipment, like printers, scanners and faxes. Computer related gear and computers can be written-off completely in a single year, so long as the purchase was made to February 2011 from January 27, 2009. Now's the time to do it because it is possible to get a tax deduction that is significant, if you're looking to buy computer gear.