It is the question every Calgary small business owner asks me: What can I deduct from my taxes?
There are an incredible amount of things that can be deducted but there are so many variables that can determine if you are eligible to deduct those items. For example, these factors will certainly affect your eligibility: your location, how much you make, children, personal status, type of business, where you do business, are you incorporated, do you work from home, do you have children, employees, other employment, commissions, employment insurance, capital gains, etc., etc. – and there are many etc’s.
19 most popular Tax Deductions in Calgary:
- Equivalent-to-Spouse Credit
- Charitable Donations
- Safety Deposit Boxes at the Bank
- Childcare Expenses
- Medical Expenses
- Your First Home
- Dividend Income
- Disability Credits
- Personal Income Credit
- Carrying Charges
- Moving Expenses
- Self-employment Expenses
- Kids Activity Expenses
- Political Donations
- Transit Pass Receipts
- RRSP Contributions
- Office in-home Expenses
- Professional or union-dues
- Interest Paid on Student Loans
It is daunting to figure out your deductions on your own but I want you to know I am here to help and to make sure that you do not miss a deduction on your personal and/or small business tax return.
*CRA offers a page for finding out what you can deduct too. It never hurts to sort through it but certainly I am always available to answer this for you because tax deductions are incredibly complex as I noted above.
*p.s. Need help with Tax Deductions? Lawerence Ogbonnah is a Calgary small business accountant and growth & profit expert located in Calgary, Alberta Canada. Click here to contact Lawrence Ogbonnah.
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