Top 10 Tax Write-Offs for Small Businesses in Canada - Tax Deductions Explained

Could you please specify what percantage of my rent payment i may write off, working from home, thanks

Is it better from a tax purpose to get a loan from the bank and buy a work vehicle or fiance it through the dealership?

What a brilliant video. Great advice, simple and practical.

Ok nice! Great advice, thanks Jessica!

Can you write off health expenses, like physical and or mental therapy?

And, can I write off the fee I pay for one of your budgeting templates?? ;) ;)

Is every dollar I spend towards write offs worth a dollar against my taxable income? So if i spent $6k for a business conference this year (flight, conference cost and hotel) does that mean i deduct $6k from my total taxable income? I get so confused by this 😕

Does it work if the income was cash

Super helpful video! I’ve just recently found you and am loving all the information as I start this side gig journey!!
Would purchasing one of your budget spreadsheet be considered an office expense or consulting write off?
Also, if I’m required to complete continuing education credits in the form of webinars and online courses (from companies that are not typical educational institutions), can those be considered tax deductible?

Hi, can you make video on write off for long haul truck driver? Who owns small business?

Hey Jessica, can you recommend any resources/ books to learn about tax mitigation strategies for Canadian Business owners? Thanks!!

Hey! Thank you so much for this video. Do you share your accountant's contact info? I'd love to contact them.

Awesome

I love the Seinfeld example!! Schitts Creek did a bit on tax write-off's that was supper funny too.

cute and smart, deadly combination

Hey Jessica, great video. I am in the process of shopping for a bank for my business. What banks do you recommend for lowest fees? What is your take on online banks like Tangerine with no business monthly fees?

Thank you Jessica. If I am going to source products from the United State to resell them in Canada, do I need a business number (or import liscence)to do that?

SO I bought a laptop for starting my business ( software Development Incorporation ). in 2022. but i registered my incorporation in 2023. Can i used it in write off ?

Good information, thank you.

Is being a contractor on Instacart or DoorDash considered a small business or do they fall under different laws?

Nice and helpful presentation. Thank you

Hey Jessica! New fan here. Thanks for the great info.

Hi Jessica, thanks for sharing this knowledge. My partner and I are self-employed that work from home. Do you know if we can both deduct (tax write-off) things like rent, internet, electricity, etc.? Thank you.

This was very helpful. Great video

Thank you for sharing, I started my corporation almost a year ago and now I am learning what I need to have in order, this helps tons

How do you find the percentage you can write off for business use of home expenses?

Does reinvestwealth work for replacing QuickBooks? QB is getting expensive for myself as a small business.

Are these processing fees so bad??

Wait so can you write all these offs if you are a sole proprietor or corporate?

Question about website and hosting. Can I get that going before I have a business?

Thank you Jessica for the connection with Montreal’s Reinvest Wealth!! I have an appointment soon! I’m starting a counselling practice soon and this information is nil to me! I’m very excited now! Thank you so very much!!! ❤️

Just to clarify, "Office Expenses" include pens, paper clips and so on while "Office supplies" includes software subscriptions, etc. To me, those labels infer the opposite. Pens seem more like a supply than an expense and accounting software seems like more of an expense than a supply?

Thank you so much Jessica for this very informative video. Really appreciate. And agree with @jaredvincent 1067 for a video specific to podcast ❤🙏

My husband and I are about to purchase/succeed an established farm business do you have anything about paying yourself as a sole prop?

Great video, love your podcast!

Hey Jessica, what software would you suggest for self-proprietor to keep track of income/tax/deductions? And also which can help to submit taxes when time comes? Would be great to see a video on this topic with a demo! Cheers !

Btw, as a self-proprietor you can also write-off a half of CPP contribution (company's portion), family insurance premium, purchase of software/hardware (can be 100% or can be less, depends on a hardware)

In professional Dues if I have to use online subscriptions like video editing software, sound libraries, that are all subscription based are these things covered under the same category as a deduction/write off?

Well done Jess!

Hello Jessica, this is a great presentation kudos. But quick a question. i run a business(Incorporated) from home as an IT consultant(Remote from Home) , the company i consult for are based in another province, my question is can i buy a car or finance a car using my business and claim this as Tax deductions during tax filling for the year?'

Awesome video! What percentage of home expenses are you able to write off? Half?

Very helpful, thank you!

Keep coming back to your videos just to make sense of everything,, but I wanted to know more about insurance for you personal vehicle and work vehicles,, im a subcontractors for cleaning companies, have 3 different place to get to I travel around 120 km everyday round trips, and aside from that Gas/fuel cost can be written off? Do I have to sign up for gst/hst? Thank you for your time making the video s

Thanks for the video! Would the software help with book keeping your expenses and your in/out of a corporation? Or is it something to add to something such as quickbooks?

Love the small bus content. More small bus info in podcast form would be great as well.

Your videos are so informative. Canadian specific, thank you!

Perfect amount of pink 💗

Too much pink. Hard to watch the video. Dark background better for eyes.

This is a very helpful vid, especially as a Bookkeeper newb who will have to answer questions like these 😉

I have a question: Would y0u advise a new entrepreneur to register their business, so that they can claim write-offs, even if they haven't made any income? I'm in desperate need of a new computer, planning to purchase early next year, but I have no clients and might not have any at the time of purchase.

It would be REALLY nice if part of that could be written off 😅

Thank you for your awesome and helpful channel, Jessica!

This video could not have been posted with more perfect timing!

Question for you:
I’ve recently incorporated and pay professional dues. I usually have these as a tax deduction when filing my personal taxes… long story short I have two jobs (one as a professional contractor and one as an employee). Both require professional licensing and therefore fees. Can that be written off twice?

Thank you for all the great content!