4. What can I claim?
As a rule, you can deduct any REASONABLE
current expense you paid or will have to pay to
earn business income.
•
Advertising
•
Allowance on eligible capital property
•
Bad debts
•
Business start-up costs
•
Business tax, fees, licences, dues, memberships, and subscr
•
Business-use-of-home expenses
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/
5. •
Capital cost allowance
•
Current or capital expenses
•
Delivery, freight, and express
•
Fuel costs (except for motor vehicles)
•
Insurance
•
Interest
•
Legal, accounting, and other professional fees
•
Maintenance and repairs
•
Management and administration fees
•
Meals and entertainment
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/
6. •
Motor vehicle expenses
•
Office expenses
•
Prepaid expenses
•
Property taxes
•
Rent
•
Salaries, wages, and benefits
•
Supplies
•
Telephone and utilities
•
Travel
•
Other expenses
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/bsnssxpnss/
7. Bookkeeping on a Mac
•
Freshbooks
•
Quickbooks (online vs. US version)
•
AccountEdge
12. Tax Deadlines
•
Feb 28: Tax Slip filing, T4, T4A, & T5
•
March 1: RRSP Contributions
•
April 30: Personal Tax Returns due
•
June 15: Self-employed returns due*
•
Note: Corporate tax returns due 6
months after fiscal year end
13. Tax Credits
•
First-time donor’s super credit
•
Children’s fitness tax credit
•
Family caregiver tax credit
•
Children’s arts tax credit
•
First-time home buyers’ tax credit
•
Public transit tax credit
•
Tradesperson’s tools deduction
14. Farmer Specifics
•
GST and PST
•
Full Farm loss
•
Restricted Farm loss
•
Farm credit Canada
•
Why file taxes under the lowest tax bracket?
•
Are Farmers exempt from certain taxes?
