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 you can claim is based on the square footage of the [...]
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 rates stating the amount you can [...]
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 just enter one number for the entire year, [...]
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 fixing computers or selling [...]
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