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Expenses: A List for Small Businesses

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supershuttle-receiptAs our most recent Merchant Advisor highlighted, it’s getting near to tax time for individuals and businesses across Canada. The CRA has published an exhaustive list of the various types of business expenses that you can potentially claim for deductions for this fiscal year – the link to their first-party information is below, and each item is defined with more detail and specificity there if you want to learn more about it. For now, see if you can think of ways to use these many expense categories in a bid to help your business come out on top of the tax battle! Please note: we’re not certified as financial advisors by any means here at the blog, so check with one you know and trust before making any important financial decisions about your business.

  • Advertising
  • Allowance on eligible capital property
  • Bad debts
  • Business start-up costs
  • Business tax, fees, licences, dues, memberships, and subscriptions
  • Business-use-of-home expenses
  • Capital cost allowance
  • Current or capital expenses
  • Delivery, freight, and express
  • Fuel costs (except for motor vehicles)
  • Insurance
  • Interest
  • Legal, accounting, and other professional fees
  • Maintenance and repairs
  • Management and administration fees
  • Meals and entertainment (allowable part only)
  • Motor vehicle expenses
  • Office expenses
  • Prepaid expenses
  • Property taxes
  • Rent
  • Salaries, wages, and benefits (including employer’s contributions)
  • Supplies
  • Telephone and utilities
  • Travel
  • … and numerous others, accessible in full with more detailed definitions at this link courtesy of the CRA.

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