Testimonials

Sean Conlin

“Before working with Williamson Accounting, I was having a hard time finding an accounting professional that I could trust and get along with, but at Williamson Accounting, they are great. I can count on them for anything. Now I have peace of mind when I think about the financials of my business. They provide me with worry free service, are very professional, and friendly too. They took time out to understand my business and needs, listened to all my ideas and provide me with great service overall.”

Sean Conlin, President, Demand Sprinkler Design Inc.

 

Newsletter Sign-up

Receive current Business News and Tips

Newsletter Sign-up

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.

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.

Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
This email address is being protected from spambots. You need JavaScript enabled to view it.

Quotable

Abraham Maslow

"You will either step forward into growth or you will step back into safety"

All Rights Reserved 2017. Williamson Accounting Inc.