Entrepreneurship & Small Business

Business Expenses - Taxes 2015

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  • Feb 9th, 2016 1:06 am
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Deal Addict
Sep 20, 2008
1187 posts
342 upvotes
Toronto

Business Expenses - Taxes 2015

Hello, not sure if there's already a thread started. I'm currently getting my books in order and I have a few questions for the tax and accountant experts on RFD. I would go ahead and ask my accountant but I enjoy the diversity of answers on here. I'm still new to what constitutes as being a business expense and there's a tonne of gray area that I need resolved. (a very random list, please excuse my incompetence on some items)
  • annual credit card fees
  • monthly dues for having a business account with my financial institution
  • vacations (maybe partially if I need to research for a product or recipe?)
  • do excursions during vacations count as entertainment?
  • travel insurance
  • personal insurance
  • tools to fix my office
  • materials to fix my office
  • gifts for my clients (including chocolate, alcohol, thank you cards, flowers etc.)
  • tv channels (clients get to watch tv in the waiting area :facepalm :)
  • headphones (so i can focus on my work without disturbing others :facepalm :)
Feel free to post additional items RFDers.
3 replies
Sr. Member
Feb 15, 2010
702 posts
700 upvotes
Surrey
annual credit card fees - Yes, place in interest and bank charges
monthly dues for having a business account with my financial institution - Yes, place in interest and bank charges
vacations (maybe partially if I need to research for a product or recipe?) - Read up on the CRA about conventions, see if you can make the argument, otherwise probably not.
do excursions during vacations count as entertainment? - Similar to above, if you meet the criteria, expense the meals for the day(s) related to your research - Note only 50% is deductible for tax purposes
travel insurance - Same above, if yes, take a percentage
personal insurance - If it's house insurance and you have a home office, yes take a percentage related to your home office to the over all size of your house
tools to fix my office - Sure, repairs and mainteance
materials to fix my office - Yes, repairs and maintenance
gifts for my clients (including chocolate, alcohol, thank you cards, flowers etc.) - Yes, advertising
tv channels (clients get to watch tv in the waiting area ) - If home office, claim a percent just as with insurance, place in utilities
headphones (so i can focus on my work without disturbing others ) - Go for it, office expense
Deal Addict
Sep 20, 2008
1187 posts
342 upvotes
Toronto
THANKS! If i think of more, I know who to direct them too, lol.
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
House expenses related to home office is the % area of house only if it's used solely for business. If you use the area for other purposes then it's only the hours in a day of business use/24 hrs x % area of house.

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