Can I "write-off" my business expenses?

You can generally deduct business expenses - if they are incurred to produce income. If you claim expenses, you must be able to back up your claim. You do this by keeping all your business-related vouchers and receipts, and by recording all your expenses in a journal.

Examples of expenses you can deduct:

• accounting/legal fees
• advertising expenses
• professional fees and dues
• licence costs
• interest and bank charges
• meals and entertainment
• maintenance, repairs and vehicle expenses
• use of a workspace in your home
• inventory and costs of goods sold

Typically, only a % of any expense can be claimed.

Related information is available at the Canada Business Service Centre's Web site.

See also the CRA's "Business and Professional Income" tax guide. You may also want to take advantage of accounting consultations.