Home Business Expenses Checklist

Business and self-employment expenses

Examples of business expenses may include all or part of the following:

Accounting

Advertising

Amortization of capital assets

Bad debts

Business taxes, fees and dues

Business-related memberships and subscriptions

Business-related start-up costs

Certain group benefits

Collection (i.e. related to bad debts)

Consulting

Convention expenses (up to two a year)

Delivery and freight

Disability-related modification expenses

Equipment rental

Home-office expenses

Insurance (fire, theft, liability, WSIB)

Interest and bank charges

Legal fees

Light, heat and water

Maintenance and repairs (other than passenger motor vehicles)

Management and administration fees

Meals and entertainment expenses

Motor-vehicle expenses (such as fuel, insurance and repairs)

Property taxes or rent on business property

Purchases of material and supplies

Representation cost to obtain a business-related licence, permit, franchise or trademark

Salaries and amounts paid “in kind”

Specific courses taken to improve business skills

Subcontractors’ costs

Telephone and internet expenses

Traveling expenses (limitations apply to motor vehicles)

Workspace in the home (when appropriate)

 

Self-employed individuals can also deduct health and dental premiums paid on behalf them or immediate family members sustained under private health-service plan, provided they are actively engaged in the business and derive more than 50% of their income from it.

 

Self-employment expenses must be documented.

 

Note: While great care was taken to ensure the accuracy of the information posted on this webpage, we do not assume liability for financial decisions based solely on it, not for errors and omissions. Please contact your accountant for specific questions and concerns about tax related issues.