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We know that you are excited as it is that time of year again! If you’re a Canadian small business owner, you might be able to benefit from the variety of tax write-offs that the Canada Revenue Agency has designed just for you.

Tax Tip #1 – Maximize Your Allowable Home Office Expenses
Most Canadians operating a home office will already know about the benefits of writing off the portion of the house being used for business. But did you know you can write off a portion of your cleaning services, home insurance, gas, hydro, mortgage interest and property taxes too? In addition to that, you can write off reasonable purchases you need to equip your home office, such as a coffee maker, office supplies, pictures and furniture. And, don’t forget to claim the depreciation on your major office equipment, such as copiers and computers as capital cost allowances.

Tax Tip #2 – Maximize Your Allowable Car Expenses
Most business people are using a vehicle to get them from client to client, meetings with suppliers, or going to the bank to manage your business. So be sure to keep all your gas receipts, oil change and repair receipts and interest on your car, as the CRA will allow you to write off a percentage of those expenses, too. In addition to the expense write-offs, you can calculate the annual depreciation of your car, another great capital cost allowance.

Tax Tip #3 – Consider Using a Professional Service
Small business owners are conditioned to doing everything, but smart business owners will consider using a professional tax accountant. Tax laws change considerably every year and it is a professional tax service provider’s job to understand how to help you get the most back from your tax return. A professional’s fees range from the hundreds, if you are a sole proprietor, to a few thousand if you are incorporated. But a good tax service provider should be able to offset their fee with their ability to find you savings in your tax return (and you can write off the expenses on next year’s return).

Can NumbersPlus Help?
Yes, at NumbersPlus we can help you assess the impact of your tax situation and provide strategies to help minimize the impact. For details, contact us at 289.290.3322 or email at info@numbersplus.ca

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