Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

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Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

6 Home Based Business Tax Deductions You Don’t Want to Miss

An advantage of having a home based business, or home office is that there are additional income tax deductions that can be claimed. Here is a list of some common home based business tax deductions that you can consider when filing your next tax return.

1) Automobile Expenses – In addition to the normal deductions such as gas and oil, licensing, insurance, maintenance, and repairs, you can also deduct interest on any amounts borrowed to buy an automobile, or passenger vehicle to be used to earn income. Keep in mind, these deductions will be based on the amount traveled to earn business income. 

2) Insurance
– Home based insurance qualifies as a tax deduction, just like any other commercial insurance premiums. A portion of the cost of home insurance may also be written off if your home based business meets the conditions for claiming business-use-of-home.

3) Office Expenses
– Make sure to distinguish between office expenses and depreciable assets. Things like office supplies which include, pens, stamps, paper clips, etc would be considered an office expense. Things like filing cabinets, printers, furniture, etc, would be considered as depreciable assets and fall under the rules of Capital Cost Allowance.

4) Mortgage Interest and Property Taxes
– If you have a mortgage on your home, and have a home office, you can claim the mortgage interest under the Business-use-of-home expenses rules.

5) Other Business-Use-of-Home Expenses
– These include heat, electricity, water, maintenance, telephone and internet connection.  A portion of these costs can be allocated to your business and claimed as a business expense, provided your home office meets the criteria for business-use-of-home deductions.

6) Carry Forward of Unused Work Space in Home Expenses
-If you have more expenses than income for your home based business, you will have what CRA calls unused Work Space in Home Expenses. These amounts can be carried forward into next year, to be used against business income.

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Toronto, ON M2J 4G8
Tel: 416-444-8747
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Quotable

William Feather

 "Success seems to be largely a matter of hanging on after others have let go."

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