For example, the property taxes on your vacation property in Florida are not tax deductible. Like any rule there are exceptions, but for the most part if you stick to this rule you will be okay.Īny amounts paid that are personal in nature can NOT be deducted from your business income. These guidelines should be used as reference material to assist you in the use of the template or whatever else you're using to keep track of your expenses.Īs a general rule of thumb, all reasonable amounts that you paid for the purposes of earning business income are deductible as expenses. Note: The remainder of this blog is for references purposes only - it's quite lengthy, and I don't expect anyone to read the whole thing (you're welcome to if you like!). Expenses that appear on the template but that are not listed here should be self-explanatory based on their name. I've also added some more information based on my own experience. Most of this information can be found here on the Canada Revenue Agency's (CRA) website. This blog will hopefully give you a better understanding of what you can/can't deduct, and how to classify each item. I also wanted to take this opportunity to discuss common types of expenses that appear on the template.
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