Business Expenses & Business Tax Deductions
You can deduct any reasonable current expense you paid or will have to pay to earn business income. The expenses you can deduct include any GST/HST you incur on these expenses less the amount of any input tax credit claimed. You cannot deduct personal expenses. Common Business Expenses are listed below:
- Advertising expenses
- Allowance on eligible capital property
- Bad debts
- Business start-up costs
- Business taxes, fees, licences, dues, memberships, and subscriptions
- Business-use-of-home expenses
- Capital cost allowance
- Computer and other equipment leasing costs
- Convention expenses
- Current or capital expenses
- Delivery, freight, and express
- Fuel costs
- Insurance
- Interest
- Leasing costs
- Legal, accounting, and other fees
- Maintenance and repairs
- Management and administration fees
- Meals and entertainment
- Motor vehicle expenses (automobile)
- Office expenses
- Other expenses
- Prepaid expenses
- Property taxes
- Rent
- Salaries, wages, and benefits
- Supplies
- Telephone and utilities
- Travel