List of Deductions Available to Business Owners

• Mortgage interest or rent (partial or in whole)
• Gas, electric, water and sewer
• Cleaning crews to clean and vacuum offices and empty the trash
• Computers, copiers, fax machines and telephones, other heavy equipment (amortization)
• Small tools
• Advertising
• Paper, pens and postage
• Bank fees on business accounts
• Desks, sofas, coffee tables and other office furniture (amortization)
• Credit card annual fees (for business-only cards)
• Painting, wallpaper, carpeting and other repairs/remodeling
• Legal and professional services
• Bad debts from sales or services
• Cost of goods sold
• Magazines and books for business education
• Newspapers, magazines, books and on-line media
• Services performed by independent contractors
• Wages, salaries and CPP/EI paid to or on behalf of company employees
• Supplies and materials
• Plane fares, hotel costs, meals, taxis and rental cars (while on business trip)
• Some taxes and licenses
• Special work clothing or uniforms
• Business lunches, dinners, ball/hockey games and theater tickets (normally 50% only)
• Security alarms and hidden cameras
• Business insurance
• Private health plans (there are some limitations)
• Company cars (and even boats)
• Holiday cards, gifts and postage.
• And just about any other expense that qualifies as “incurred in the process of earning business income”.