There are many deductions business owners should be on top of, ranging from accounting and legal fees to home-based business writeoffs and vehicle expenses.
Don’t forget capital asset deductions. Assets belonging to the business, such as computers, automobiles and furniture, may be depreciated at varying rates.
And remember special deductions. For example, computers and accompanying software purchased are eligible to be fully depreciated for tax purposes.
But handle all deductions accurately if you don’t want to raise the ire of CRA. And if you aren’t organized, it’s easy to miss some.