{"id":9624,"date":"2017-07-22T12:49:23","date_gmt":"2017-07-22T16:49:23","guid":{"rendered":"https:\/\/canadianbookkeepingservices.ca\/?p=9624"},"modified":"2017-07-22T12:49:23","modified_gmt":"2017-07-22T16:49:23","slug":"the-7-best-tax-write-offs-that-canadian-small-businesses-fail-to-claim","status":"publish","type":"post","link":"https:\/\/canadianbookkeepingservices.ca\/?p=9624","title":{"rendered":"The 7 Best Tax Write-Offs that Canadian Small Businesses Fail To Claim"},"content":{"rendered":"

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Ask me to name one of the most frustrating things I see on a quarterly basis, and my answer would be: waste. Waste is a prominent problem, so may think that I\u2019m talking about wasteful spending, but there\u2019s another big way Canadians are leaving cash on the table\u2014losing out on opportunities to claim more on their taxes.<\/p>\n

Here\u2019s a dilemma I face on a daily basis: when to open my mouth when I see someone wasting their time or money on an accounting process that does not reap them all the benefits it should. I want to scream, \u201cWhat about all the missed deductions you\u2019re not taking advantage of?!\u201d It\u2019s like watching someone race through a video game to get to the end without ever collecting any coins or bonus lives along the way. These deductions are there to help you and your small business. Sure, they may be hard to navigate or catch them all, but that\u2019s why you need a professional accountant on your side.<\/p>\n

I say, it\u2019s time for small business owners to stake their claim, especially when they are using their home as a workspace. The first step, in my opinion, is always to get an accountant who is sensitive to the laws around home business claims. But as you prepare for any tax season, keep in mind some of the most common expenses home-based business fail to claim and remember the only way to maximize your deductibles is to keep those receipts!<\/p>\n

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  1. Insurance<\/strong><\/li>\n<\/ol>\n

    If you carry any business insurance, including buildings, machinery, and equipment, pay attention. Deductible insurance includes malpractice insurance or other business insurance\u2014vehicle, product liability, professional liability\u2014you may purchase. For more on the kinds of insurance that can be claimed by Canadian companies, the Line 8690 page of the CRA website<\/a> is helpful.<\/p>\n

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    1. Publications & Memberships<\/strong><\/li>\n<\/ol>\n

      Any trade specific publications you receive on a monthly, quarterly or annual basis, can be considered deductions. Just make sure that they are unique to your business and can\u2019t be general publications. Like those publications, if you belong to any professional organizations, you can deduct your membership fees and dues provided they qualify. Union fees and licensing boards count!<\/p>\n

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      1. Child care expenses<\/strong><\/li>\n<\/ol>\n

        Are you the lower income spouse in a household that pays for child care costs? Then you can claim $11,000 for each child born in 2015 or earlier and $8,000 for each child born in 2009 or later. Those expenses include babysitter or nanny fees, daycare costs, and after school program (PLASP) fees.<\/p>\n

        And, did you know that 2016 is your last year to claim your Children\u2019s Fitness Amount? That\u2019s the tax credit of 15% you can get back from a physical activity program for the kids. You can claim up to $500 if your child is under 16 and their program qualifies for the children\u2019s fitness tax credit (check the receipt).<\/p>\n

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        1. Car expenses<\/strong><\/li>\n<\/ol>\n

          If you are required to use your personal car or buy tools to carry out your employment duties, you can deduct expenses related to your vehicle, if you\u2019ve completed form T2200<\/a>, Declaration of Conditions of Employment. Deduct only the business use portion of your car, which includes:<\/p>\n