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| Our tax practice has 2 goals: 1. Ensuring that you are in compliance 2. Minimizing your payments We are constantly studying rulings, regulations and legislation. In the event of an audit or any dispute, we provide skilled advice and representation. No enterprise should have to face the Taxman alone. Our clients always have the benefit of our experience. Need your taxes done efficiently and effectively? Please take time to download the TI CHECKLIST and answer our questionnaire. Here is some generalized information about expenses or click on DEDUCTIBLES to download the list in PDF format: |
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| GENERAL LIST OF DEDUCTIBLE BUSINESS EXPENSES | |
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Home Office Calculated as percentage of office over total square area of home |
• Mortgage interest/rent • Realty taxes • Insurance • Utilities • Repairs & maintenance |
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| Automobile |
• Gas/oil • Repairs and maintenance • Insurance • Lease costs ($800 monthly lease limit) • Interest on car loan ($300 monthly interest deduction limit) • Licence and registration fees • CAA dues • ETR (Highway 407) fees • Car washes • Parking at clients (100% deductible) • Calculated as a percentage of business kms/total kms |
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| Entertainment | • Meals, sporting events, theatre (50% deductible) |
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| Trade Shows/Travel | • Conventions, airline flights, hotels, taxis, business conferences, etc. |
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| Advertising |
• Newspaper ads • Promotion, advertising, etc. • Gifts to clients |
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| Capital Assets Subject to Depreciation |
• Office furniture (desks, cabinets, chairs etc.) – 20% • Computer hardware – 55% (if acquired after March 18, 2007; 45% prior to that date) • Computer software – 100% • Automobile – 30% ($30,000 capital cost threshold level) • Additions during current year depreciated at 50% of above rates |
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| Professional Fees | • Accounting & legal fees |
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| Insurance |
• Business insurance • Professional liability insurance |
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| Interest & Bank Charges |
• Bank service charges • Interest on loans used in business • Credit card fees |
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| Office Expenses |
• Postage • Stationery • Courier • Registration costs • Computer Paper • Supplies • Books & publications • Continuing education courses/seminars |
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| Telephone |
• Business telephone & fax line • Cellular phone • Internet fees |
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| Salaries | • Salary to assistants including payroll levies |
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| Dues & Membership |
• Professional affiliation dues • Business trade and networking membership dues |
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| Note: Some of the expenses may not be permitted or restricted if taxpayer is earning income from employment. | |
| GENERAL LIST OF DEDUCTIBLE RENTAL EXPENSES | |
| Capital Assets Subject to Depreciation | • Buildings – 4% • Furniture, fixtures and appliances (desks, chairs, beds, stove, fridges, washer/dryers, etc.) – 20% • Computer hardware – 55% (effective after March 18, 2007) • Computer software – 100% • Automobile – 30% • Additions during current year depreciated at 50% of above rates |
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• Property taxes |
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