Tax Tip: What Can Self-Employed People Claim?

Whether you’ve picked up a side gig or you’re devoting 100% of your time to your self-employment, claiming all of your business’s expenses is important for a couple of reasons. In addition to lowering your tax burden, knowing your expenses gives you the best overall picture of your business’s financial health. All self-employed people can claim reasonable expenses that are related to the business. The cost of a Caribbean cruise for you and your significant other isn’t eligible – even if you were thinking about business the whole time.

Common business expenses include:

  • Inventory and supplies including office supplies
  • Vehicle expenses
  • Salaries paid to employees
  • Advertising
  • Utilities
  • Food and entertainment

View the complete list on the CRA’s Business expenses web page