As small business owners and entrepreneurs, many of our expenses are tax deductible at income tax time. I hope this helps to make things easier for you you when going through your expenses, and keeping receipts organized through the year. This is an older post but has been updated over the years.
1. Advertising (your website is advertising)
2. Meals and entertainment (allowable part only)
3. Bad debts
6. Business taxes, fees, licenses, dues, memberships and subscriptions
7. Office expenses
9. Legal, accounting and other professional fees
10. Management and administration fees
12. Maintenance and repairs
13. Salaries, wages and benefits (including employer’s contributions)
14. Property taxes
15. Travel (including transportation fees, accommodations, and part of allowable meals)
16. Telephone and utilities
17. Fuel costs (except motor vehicles)
18. Delivery, freight and express
19. Motor vehicle expenses (not including CCA)
20. Allowance on eligible capital property
21. Capital cost allowance (CCA)
You can specify other expenses. For example, prescription medicine and eyeglasses are deductible. Even the eye exam is deductible. Keep all your receipts and ask your accountant if you aren’t sure.
TIP: File your GST return on time, even if you don’t have all of the money. Pay what you can, and they will put interest on what is outstanding. The real penalties are when you file late.