Tax Deductions for Canadian Business Owners
Tax deductions help Canadian business owners reduce taxable income by subtracting eligible expenses, lowering the amount owed to the CRA. Common tax deductions include home office expenses, vehicle costs, office supplies, professional services, and marketing expenses. Business meals and entertainment may also qualify for partial deductions. To maximize tax deductions, keep detailed records, follow CRA guidelines, and consult a tax professional. Properly utilizing tax deductions can improve cash flow and increase profitability. Whether you’re a freelancer or a growing company, understanding tax deductions ensures you don’t overpay on taxes. Learn how to take full advantage of these savings and keep more money in your business.
