Important Claims and Deductions to Remember

by Greg DePersio

0 min read

When filing tax returns, sometimes small business owners can miss tax deductions that they are eligible to claim. This is particularly common for people who run home-based businesses. By not claiming these tax deductions, you may be paying more taxes than you owe.

One type of expenses that home business owners miss is business-use-of-home expenses. For example, if you run a graphic design business from your home, you can deduct part of your home’s maintenance costs — including electricity, heat, home insurance, and mortgage — as your business expenses.

Another commonly missed tax deduction is interest expenses. For example, when you apply for a business loan, you may have to pay an application fee for it. This fee is deductible as an interest expense over a five-year period. Additionally, people who use their personal vehicles for business can deduct certain parking fees as expenses.

References & Resources

Related Articles

Tax Tips for Small Business Owners Who Work From Home

If you work from home, the Canada Revenue Agency allows you to…

Read more

When Is Employee Parking a Taxable Benefit?

As a generous employer, you probably want to provide a lot of…

Read more

Tax Time: Insurance Tax Write Offs for Canadian Small Businesses

As a small business owner, you need to protect yourself and your…

Read more