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Remember to claim all the legitimate business deductions while filing your income tax return. The best way to do so is by following a checklist. We have created an illustrative checklist. Your CPA and bookkeeper can help you identify more deductions based on nature of your business and transactions.

 

Deductible Business Expenses

  1. ADVERTISING AND PROMOTION
  2. Facebook ads
  3. Google ads
  4. Flyers
  5. Promotional signage
  6. Updates to your website

 

  1. BUSINESS MEALS
  2. Treating clients to a meal where you talk about business
  3. Treating all your employees to a meal

 

  1. BUSINESS INSURANCE
  2. General Liability Insurance
  3. Third Party Liability
  4. Professional Indemnity Insurance
  5. Business Car Insurance
  6. Business Property Insurance

 

  1. BUSINESS INTEREST AND BANK FEES
  2. Interest on business bank loans
  3. Interest on business credit cards
  4. Business bank fees

 

  1. *Car (Business use portion only)
  2. Car Loan Interest / Car Lease Payments / Car Depreciation
  3. Car Repairs
  4. Car Insurance
  5. License registration fees
  6. Fuel/Gas
  7. 407 Toll tax
  8. Parking charges

 

 

 

 

  1. Office Expenses (*If you are using home office, deductions are typically 10%)
  2. Office/Home Office Utility bills
  3. Hydro
  4. Gas
  5. Water
  6. Security
  7. Maintenance
  8. Rent/Mortgage Interest
  9. Telephone Bill
  10. Mobile Bill
  11. Internet Bill
  12. Office/Home Office Insurance
  13. Office/Home Office Property Tax

 

  1. Gifts
  2. Stationery
  3. Payroll
  4. Membership Fees of professional organizations
  5. Investment in RRSP
  6. Donations
  7. Rental Property Details
  8. Rent Income
  9. Mortgage statement showing interest element
  10. Utility bills paid
  11. Home Insurance

* Please consult your CPA for calculation of exact deductions.

 

Black Box Consultancy Services Inc. can help you to capture, record and classify all the deductible expenses and maximize tax deductions.

SAVE at leat 25% on your existing bookkeeping costs.

For FREE CONSULTATION contact now on 519.716.4456/519.716.4457 or email on chintan.dixit@blackboxconsultancy.ca