Remember – a deductible expense is any expenditure to earn income.  The most common and accepted expense categories are:

  • Advertising
  • Meals and Entertainment
  • Bad Debts
  • Insurance
  • Interest
  • Business taxes, fee, licenses, dues, memberships
  • Office expenses
  • Supplies
  • Legal, accounting and other professional fees
  • Management and administration fees
  • Rent
  • Maintenance and repairs
  • Salaries, wages and benefits
  • Property taxes
  • Travel
  • Telephone and utilities
  • Fuel
  • Delivery
  • Capital Cost Allowance
  • Automobile  (Business km / total km)
    • Fuel and Oil
    • Maintenance
    • Insurance
    • Licensing
    • Leasing
  • Home Office
    • Heat
    • Electricity
    • Insurance
    • Maintenance
    • Mortgage Interest
    • Property Taxes
    • Other

Golf, hunt camps and yachts are specifically excluded.

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