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Tax Write Offs for Small Business in Canada by Accountant Toronto What are the tax write offs accessible to small business owners in Canada? If you are a small business owner in Canada, its important to be familiar with all conceivable tax writes offs on your company. Tax write offs taxes payable and will significantly http://oemsoftwarestore.org/product/adobe-photoshop-cs4-extended/ 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 It’s not possible to write-off 100% of those expenses, but you can deduct a fair portion. For example, if you’ve got a home-office (for example a den, a cellar, a bedroom or an enclosed space that you use solely for your own work), then the percent of your home office expenses you can deduct is equal to the percent your home office space is of the absolute size of your house. If your home office space is 15% of the total square footage of your house, you then can deduct 15% of your home-office expenses. That can add up and will result in a tax refund for you. You should consult with an Accountant in Toronto, before deducting home office expenses.

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Auto Expenses Tax Write offs for Small Business in Canada Cpa Toronto Automobile expenses are a major tax write off for small businesses in Canada. Auto expenses comprise: Capital cost allowance ( in case you own) Fuel & petroleum Insurance Lease payments ( in case you rent) Parking Repairs & care Toll fees Vehicle registration fees You can deduct the business portion, although it’s not possible to write off 100% of your automobile expenses. For example, if you drove 20,000 kilometers in the year, and 50% of those kilometers were for business functions, then deduct 50% of your car expenses. Additionally, if you own your vehicle then you certainly can write off 30% of the price of your vehicle annually, which is called 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 auto expenses, capital cost allowance must be prorated for the business use part of your automobile. When buying your next auto, you should consult with an Accountant in Toronto, to determine the tax benefits available for you. Business Expenses Tax Write offs for Small Business in Canada Most business expenses incurred by small businesses. The Canadian Income Tax Act states hat any expense incurred for the intent of earning income from company, as long as that expense is acceptable, is tax deductible.

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In other words, business related expenses which you incur (so long as theyre reasonable) are tax deductible. What are some of the common types of business expenses that a small company owner can write-off? They contain: Advertisements Capital cost allowance (e.g. on gear purchases and automobile) Home office expenses Internet Inventory purchases Lease payments Meals & entertainments (50% only) Let Salary and wages Sub-contractors Supplies Phone Tools Speak having an Accountant in Toronto to figure out if youre missing any tax write offs for small business in Canada. 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 real value, which will survive a very long time frame (typically more than 1 year). Capital assets include fixtures and furniture, equipment, computers, etc.

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These assets cannot be written off in just one year. Instead, capital assets are written-off over a period of time predicated on the Canada Revenue Agencys depreciation rates that were given, which are as follows: Equipment 30% per year Furniture & fixtures 20% per year Software 50% per year Computers 100% Computers contain laptops, notebooks, desktop computers, hardware and computer related equipment, including scanners, printers and faxes. Computer related equipment and computers can be written-off entirely in a single year, as long as the purchase was made to February 2011 from January 27, 2009. If you’re looking to buy computer equipment, now’s the time to do it because you’ll be able to get a tax deduction that is significant.

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Jeff L. Parziale, Ph.D., M.Div. and
Judi Babcock-Parziale, Ph.D.

Instep Ministries
615 Cameron Ct
Loveland, CO 80537

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Phone: (970) 775-4836
Email: Instepmin@gmail.com

“Unless the Lord Builds the House…” Psalms 127:1