Running a small business is challenging, and during tax season, many owners leave money on the table by missing valuable deductions. The CRA allows several expenses that can reduce taxable income, but without proper planning, they often get overlooked.
Commonly missed deductions include:
- Home Office Expenses – If you use part of your home exclusively for business, you can deduct a percentage of utilities, rent, and internet.
- Vehicle Costs – Mileage, gas, insurance, and maintenance for business-related use are deductible.
- Professional Fees – Accounting, legal, and consulting fees can often be deducted fully.
- Training & Education – Courses, seminars, and certifications that improve business skills qualify.
- Marketing & Advertising – Website costs, online ads, and promotional materials.
👉 A good accountant ensures you capture all of these so you don’t pay more tax than necessary.
