List of Deductions Available to Business Owners

• Mortgage interest or Rent (partial or in whole)
  
  
• Gas, electric, water and sewer
  
  
• Advertising
  
  
• Paper, pens and postage
  
  
• Depreciation
  
  
• Computers, copiers, fax machines and telephones
  
  
• Bank fees on business accounts
  
  
• Desks, sofas, coffee tables and other office furniture
  
  
• Credit card annual fees (for business-only cards)
  
  
• Cleaning crews to clean and vacuum offices and empty the trash
  
  
• 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)
  
  
• Taxes and licenses
  
  
• Special work clothing or uniforms
  
  
• Lunches, dinners, ball/hockey games and theater tickets
  
  
• Security alarms and hidden cameras
  
  
• Business insurance
  
  
• Private health plans
  
  
• Company cars (and even boats)
  
  
• Contributions to Canada Pension Plan
  
  
• Holiday cards, gifts and postage.

You can always discuss your particular situation with one of our Tax Coaches.