Although this list is helpful in helping you prepare for tax time, it does not replace the need for working with qualified bookkeeping and accounting professionals in order to keep your business on track and CRA off your back. Now, let’s dig in.

Standard Business Expenses

• Advertising

• Bad Debt

• Bank Fees

• Car Expenses

• Donations

• Conventions and Trade Shows

• Education

• Insurance

• Intangibles

• Interest

• Home Office Deductions

• Dues and Subscriptions

Capital Expenses

• Depreciation

• Cost of Goods Sold

• Startup and Organizational Costs

Standard Business Expenses……(cont.)

• Salaries and Wages

• Professional Fees (Accounting, Legal, etc.)

• Maintenance and Repairs

• Meals and Entertainment

• Non-cash gifts

• Rent and leases

• Research and Development (R&D)

• Utilities

• Taxes

• Travel

• Software

Self-Employed Expenses

• Health Insurance Premiums

• Moving Expenses

• Retirement Plans

• Self- Employment Taxes

• Student Loan Interest

Be sure you are keeping good records of your expenses; in order to claim these deductions, Canada Revenue Agency may require you to provide proof that you incurred these expenses. As a business, it is advised that you keep a minimum of 6 years of your documents. A good tool to help make sure you are keeping all relevant documents is Expensify.

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