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Business expenses
As a rule, you can deduct any reasonable 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. However, you cannot deduct personal expenses.
Deduct only the business part of expenses from business income. In addition you cannot claim expenses you incur to buy capital property. See Current or capital expenses.
For more details, see list of expenses below.
Note
When you claim the GST/HST you paid on your business expenses as an input tax credit, reduce the amounts of the business expenses you show on Form T2124 or Form T2032 by the amount of the input tax credit. Do this when the GST/HST for which you are claiming the input tax credit was paid or became payable.
Similarly, subtract any other rebate, grant, or assistance from the expense to which it applies. Enter the net figure on the proper line. Any such assistance you claim for the purchase of depreciable property used in your business will affect your claim for capital co st allowance.
If you cannot apply the rebate, grant, or assistance you received to reduce a particular expense, or to reduce an asset's capital cost, include the total on line 8230, "Other income," on Form T2124 or Form T2032.
- 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
- 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
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Date modified: 2006-01-28 |
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