What Can You Write off Being Self Employed?

Answer 1

I started selling Mia Bella candles in 2006. The lady that I went to said that I could claim all miles that had to do with the business. Any free things I gave away. My computer, and office things that i had to buy. Part of my phone, utilities. But i am going to see if I can claim a few other things.
I am not sure if there is more or not sence this is the first time for me doing this.

Answer 2

Your accountant should be helping you out on this.

Just remember, that if you're not carrying on an active business (for example, real estate, investing, or personal services businesses are not active business) you have different rules than if you are carrying out an active business.

The type of business matters and without this the answer is difficult. Check out the CRA website at http://www.cra-arc.gc.ca/tax/business/menu-e.html to get some more information, and purchase some books on taxes in Canada. I'd recommend "Make Sure It's Deductible" by Evelyn Jacks (http://www.amazon.ca/Make-Sure-Deductible-Evelyn-Jacks/dp/0071484469/sr=1-1/qid=1168873616/ref=sr_1_1/701-8749438-0597963?ie=UTF8&s=books is the link on Amazon).

Answer 3

You can write off any legitimate expense that you incurred for your business. Certain expenses such as vehicle expenses are pro-rated as per the amount used solely for business. As well office in home expenses depends on the amount of space in your home that was used for business purposes. Home expenses cannot increase or create a loss but can be carryforward.

Answer 4

In Canada just like the U.S. , you should check with the taxman and see what they have available for information. If you are making alot of money( 5,000/year plus a reglar job) then get an accountant to do them.

Answer 5

Anything related to conduct your business. You must be able to prove validity.