Testimonials

Cathy Mauro

"In the startup phase of my business I needed some challenging questions answered relating to payroll and accounting systems. Rather than spending hours researching it, I let Williamson Accounting handle it – providing clear-cut answers to my issues instantly. As a small start-up I was unsure a professional accounting firm would take time to work with me. But no business is too small for Williamson Accounting and they gave me the one-on-one consultation I needed and great professional guidance. With their help I know I am making smart decisions in handling my business finances."

Cathy Mauro, President, Stand Ease Incorporated

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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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