Remember to claim all the legitimate business deductions while filing your income tax return. The best way to do so is by following a checklist. We have created an illustrative checklist. Your CPA and bookkeeper can help you identify more deductions based on nature of your business and transactions.
Deductible Business Expenses
- ADVERTISING AND PROMOTION
- Facebook ads
- Google ads
- Flyers
- Promotional signage
- Updates to your website
- BUSINESS MEALS
- Treating clients to a meal where you talk about business
- Treating all your employees to a meal
- BUSINESS INSURANCE
- General Liability Insurance
- Third Party Liability
- Professional Indemnity Insurance
- Business Car Insurance
- Business Property Insurance
- BUSINESS INTEREST AND BANK FEES
- Interest on business bank loans
- Interest on business credit cards
- Business bank fees
- *Car (Business use portion only)
- Car Loan Interest / Car Lease Payments / Car Depreciation
- Car Repairs
- Car Insurance
- License registration fees
- Fuel/Gas
- 407 Toll tax
- Parking charges
- Office Expenses (*If you are using home office, deductions are typically 10%)
- Office/Home Office Utility bills
- Hydro
- Gas
- Water
- Security
- Maintenance
- Rent/Mortgage Interest
- Telephone Bill
- Mobile Bill
- Internet Bill
- Office/Home Office Insurance
- Office/Home Office Property Tax
- Gifts
- Stationery
- Payroll
- Membership Fees of professional organizations
- Investment in RRSP
- Donations
- Rental Property Details
- Rent Income
- Mortgage statement showing interest element
- Utility bills paid
- Home Insurance
* Please consult your CPA for calculation of exact deductions.
Black Box Consultancy Services Inc. can help you to capture, record and classify all the deductible expenses and maximize tax deductions.
