Self-Employed? Don't Miss These Deductible Expenses
Maximize your tax return by claiming all eligible business expenses. From home office costs to vehicle mileage, here is your checklist.
Self-Employed? Don't Miss These Deductible Expenses
Running your own business or freelancing in Canada comes with perks, and one of them is the ability to deduct reasonable business expenses to lower your taxable income.
Top Deductions Checklist
1. Home Office Expenses
If you use a workspace in your home exclusively for earning business income, or if you meet clients there regularly, you can deduct a portion of:
- Utilities (Heat, Hydro, Water)
- Internet
- Maintenance & Repairs
- Rent (if you rent) or Property Taxes/Mortgage Interest (if you own)
2. Vehicle Expenses
Keep a mileage log! You can deduct the percentage of business use for:
- Gas & Oil
- Insurance
- Repairs
- Lease payments or Capital Cost Allowance (CCA)
3. Advertising & Marketing
Website hosting, business cards, online ads, and promotional materials are 100% deductible.
4. Professional Fees
Accounting fees (like hiring TaxBuddy!), legal fees, and memberships in professional organizations.
5. Office Supplies
Software subscriptions (Adobe, Office 365), stationery, stamps, and pens.
The Golden Rule
Keep your receipts. If the CRA audits you, a credit card statement is often not enough. You need the itemized receipt showing what was purchased. Digital copies are acceptable and highly recommended.