Top 10 Tax Write-Offs for Small Businesses in Canada - Tax Deductions Explained

Looking for some tax write-offs for your Canadian small business before the end of the year? Luckily there are still a few months left and I share the top 10 tax write-offs every small business in Canada should take advantage of.

In this video, I explain what a tax write-off is and how it works, the benefits of strategically using write-offs to lower your tax bill, and why one of the best write-offs and investments I made in my own business was accounting software and my accountant (like this video's sponsor ReInvestWealth). Also, even though ReInvestWealth's base plan is FREE, if you did want to use one of their all-in-one plans, don't forget to use promo code JESSICAMOORHOUSE to get a 50% discount on the first 3 months.

*This video is sponsored by ReInvestWealth, but all views and opinions expressed are my own and are based on my own research of the subject matter.*

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CHAPTERS
00:00 Introduction
01:50 What is a write-off & how do they work?
03:49 Advertising & marketing
04:47 Travel
05:51 Professional dues
06:29 Commercial insurance
06:52 Bank & payment processing fees
08:19 Loan interest
09:03 Business-use-of-home expenses
09:58 Professional fees
10:39 Office expenses
11:28 Office supplies
12:05 ReInvestWealth walk-through

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#taxes #personalfinance #smallbusiness
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[cactusmilo]

Thank you for sharing, I started my corporation almost a year ago and now I am learning what I need to have in order, this helps tons

[cloudydaycauldron]

Your videos are so informative. Canadian specific, thank you!

[michelefisher]

Thank you Jessica for the connection with Montreal’s Reinvest Wealth!! I have an appointment soon! I’m starting a counselling practice soon and this information is nil to me! I’m very excited now! Thank you so very much!!! ❤️

[jaredvincent]

Love the small bus content. More small bus info in podcast form would be great as well.

[dianabonilla]

Nice and helpful presentation. Thank you

[DCARA]

I love the Seinfeld example!! Schitts Creek did a bit on tax write-off's that was supper funny too.

[matrixphotodesign]

Great to have a Canadian perspective !

[GettingItDoneNorthOf]

Hey Jessica! New fan here. Thanks for the great info.

[lipsofadon]

Love your videos. Thanks for all you do. Question for you. Does commercial insurance cover damaged inventory say I have my office space and I sell clothing but it gets damaged because of a fire or flood?

[ivan]

Btw, as a self-proprietor you can also write-off a half of CPP contribution (company's portion), family insurance premium, purchase of software/hardware (can be 100% or can be less, depends on a hardware)

[bizrinktabrown]

Just to clarify, "Office Expenses" include pens, paper clips and so on while "Office supplies" includes software subscriptions, etc. To me, those labels infer the opposite. Pens seem more like a supply than an expense and accounting software seems like more of an expense than a supply?

[ct]

Thank you Jessica. If I am going to source products from the United State to resell them in Canada, do I need a business number (or import liscence)to do that?

[ivan]

Hey Jessica, what software would you suggest for self-proprietor to keep track of income/tax/deductions? And also which can help to submit taxes when time comes? Would be great to see a video on this topic with a demo! Cheers !

[All-About-the-Dog]

Super helpful video! I’ve just recently found you and am loving all the information as I start this side gig journey!!
Would purchasing one of your budget spreadsheet be considered an office expense or consulting write off?
Also, if I’m required to complete continuing education credits in the form of webinars and online courses (from companies that are not typical educational institutions), can those be considered tax deductible?

[livinglikelee]

This video could not have been posted with more perfect timing!

Question for you:
I’ve recently incorporated and pay professional dues. I usually have these as a tax deduction when filing my personal taxes… long story short I have two jobs (one as a professional contractor and one as an employee). Both require professional licensing and therefore fees. Can that be written off twice?

Thank you for all the great content!

[bleh]

This is a very helpful vid, especially as a Bookkeeper newb who will have to answer questions like these 😉

I have a question: Would y0u advise a new entrepreneur to register their business, so that they can claim write-offs, even if they haven't made any income? I'm in desperate need of a new computer, planning to purchase early next year, but I have no clients and might not have any at the time of purchase.

It would be REALLY nice if part of that could be written off 😅

Thank you for your awesome and helpful channel, Jessica!

[MotiA.]

Awesome video! What percentage of home expenses are you able to write off? Half?

[JaKi]

so what was the difference between office expense vs office supply? supply is subscriptions to services and expenses are stationary etc?

[virus]

Thanks for the video! Would the software help with book keeping your expenses and your in/out of a corporation? Or is it something to add to something such as quickbooks?

[Sam_pah]

Keep coming back to your videos just to make sense of everything, , but I wanted to know more about insurance for you personal vehicle and work vehicles, , im a subcontractors for cleaning companies, have 3 different place to get to I travel around 120 km everyday round trips, and aside from that Gas/fuel cost can be written off? Do I have to sign up for gst/hst? Thank you for your time making the video s