Nobody likes to make mistakes. However, the simple reality of life is that at some point, all of us are going to be wrong, do something bad, or somehow screw something up. That's just life, and it has been since we learned how to walk, write out the alphabet, and do calculus. We ...
Category Archives: Business
Business-Use-Of-Home Expenses
If your home is your principal place of business, you can claim Business-Use-Of-Home expenses on page 3 of the T2125 form. The expenses allowed to be claimed include: Heat Home Insurance Electricity Maintenance (i.e. cleaning materials) Mortgage Interest (interest only, not mortgage payment) Property Taxes Water (if applicable to your business) The amount ...
Capital Cost Allowance (CCA)
Yesterday we discussed claiming business expenses. With those expenses, you can claim the full amount in the year the expense happened. While also part of the expenses used to calculate net income (or loss), some items are subject to Capital Cost Allowance rules. Capital Cost Allowance is a set of ...
Claiming Business Income And Expenses
Yesterday we discussed starting a home business as a sole proprietorship. Today we'll go through how to claim your income and expenses come tax time. All business income and expenses are claimed on a T2125 form. You enter your income into "Part 1 - Business Income". Since you ...
Starting A Home Business
Starting a part-time home business can be a great way to supplement your regular income and provide you with some tax opportunities. A home business could be almost anything that gives you an expectation of earning income. Most ideas would fall under either selling a product or service. Your business could be ...
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