Small businesses in Canada are fortunate to have several useful tax deduction options that, surprisingly, far too many Canadians fail to make use of. This video list the 8 top tax write-offs tips a business owner can (and should) make use of.


  1. The biggest one i never knew about was about PHSP for medical expenses. For years i had been using the medical expense feature on my return but as i know now it isn’t as tax efficient as using a PHSP provider.

  2. I assume renting office space from a landlord that is also in the same home that you personally live (also rented from a landlord) is acceptable and fully deductible, and doesn’t go through the divided rooming calculation process that happens for general home office expenses because there is a designated space being rented out from the landlord in this house?

  3. Is there a threshold that must be reached for any of these 8?

  4. I wonder if its better to move from sole proprietorship into being incorporated to get even more tax benefits. Haven’t read much about it yet but it sounds interesting because my household is in a higher tax bracket due to my business.

  5. I think CRA is a bit picky on the type of vehicle expenses such as toll charges. The video mentions it is deductible but from my experience it was limited.

  6. This video was very useful. I didn’t know about the 50% vs 80% advertising expense deduction.

  7. It’s good the video pointed out that home-office expense is related to the office space size. Most people don’t realize that and simply deduct the full expense with no consideration to size of the home and the rooms in it where business is conducted.

  8. Wait so meals are 100% deductible? News to me.

  9. I guess i am in good shape since i already knew about all 8.

  10. Write-offs are always a tricky business since there are technically more than just 8. It all depends on your situtation. One option is to simply change entities and become a corporation. Although the paper work is a bit more the end result is a much lower tax % at 15%.

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