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TOP 5 TAKING THE LEAP IN BECOMING AN ENTREPRENEUR IS ONE OF THE MOST IMPACTFUL CHANGES ONE GOES THROUGH AS THEY EVOLVE IN STRIVING TOWARDS THEIR GOALS.
As the small business sector in Canada continues to grow, it is important to be aware of some deductions that can be claimed to decrease your tax payable and keeping in mind some potential audit risks with Canada Revenue Agency (CRA).
1 ALI RAZA JAFFER Chartered Professional Accountant AR Jaffer Professional Corporation
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RENT OR HOME
VEHICLE
Whether you are renting an office or operate a home office, some expenses that can be claimed include rent paid, utilities, insurance, repairs and leaseholds. For home office, you may also claim a portion of the interest paid on your mortgage (office usage portion only).
As CRA is clamping down on auto expenses, business owners must ensure that a mileage log is kept. There are many apps that can be connected to your vehicle to keep your mileage logs current. Some expenses that may be claimed include:
OFFICE EXPENSES
EXPENSES
• Capital Cost Allowance (if you own) • Fuel • Insurance • Lease payments (if you lease) • Parking • Repairs & maintenance • Toll charges • Vehicle registration
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CONNECT | 2020 ISSUE 2
