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Text Box: TAX TIPS—BUSINESS

At the bottom of the page we have provided some forms that may be helpful in tracking your expenses (& revenues).  If you use these forms, please include them with your taxes—we do NOT necessarily need see the receipts.  Please take a look at the forms, they provide examples for each expense, as well as some notes.

Below is a listing of common business expenses; each is  web-linked.  For general information go to:
BUSINESS


Business Expenses:

Advertising (Line 8521)

Allowance on eligible capital property (Line 9935)

Bad debts (Line 8590)

Business start-up costs

Business taxes, fees, licences, dues, memberships, and 
subscriptions (Line 8760)

Delivery, freight, and express (Line 9275)

Fuel costs (Line 9224)

Insurance (Line 8690)

Interest (Line 8710)

Legal, accounting, and other professional fees (Line 8860)

Maintenance and repairs (Line 8960)

Management and administration fees (Line 8871)

Meals and entertainment (Line 8523)

Office expenses (Line 8810)

Prepaid expenses

Property taxes (Line 9180)

Rent (Line 8910)

Salaries, wages, and benefits (Line 9060)

Supplies (Line 8811)

Telephone and utilities (Line 9220)

Travel (Line 9200)

Other expenses (Line 9270)


Capital cost allowance (Line 9936) - This is depreciation on your assets.  

Current or capital expenses



Motor vehicle expenses - You must keep a record of the total km you have driven during the year AND the total km you have driven FOR BUSINESS.  Log books can be purchased at office supply stores and office supply sections in large department stores.


Business-use-of-home expenses (Line 9945) - You must determine the proportion of the home that is used for business.  Household expenses such as power, heat, property tax, mortgage interest, insurance, etc. MAY be claimable if you have a home office.  Some conditions apply.  Please use the link above to determine whether or not you can claim these expenses.

For information on claiming lease payments, CCA (depreciation on a vehicle) or loan interest, please go to the website.


Forms:

Check-list Form — EXCEL
			
			.PDF 

This check-list will help you to make sure you have all the information gathered that you will need to complete your taxes.

Business Expenses Form — EXCEL  (in .zip format)    


The form has a number of places where you can specify a % personal use.  This is here because some expenses might be partly personal — i.e. if you have a cell phone and you use it for personal and business use, you can divide the expense.  Also, some businesses are in people’s homes and this allows them to claim part of expenses that are shared—i.e. landscaping, snow removal, etc.   


*The Excel files are in .zip format to make it easier to download, some systems have problems with excel files...