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Tax Tip 18 of 32, Expenses you incur for the business are deductible

Tax benefits for the self-employed

By Inst. of Chartered Accountants ——--February 18, 2009

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‘If you are self-employed, make sure you know about all of the available tax benefits,” says Chartered Accountant Gary Kopstick, Senior Tax Partner, Soberman LLP in Toronto.
“For example, if you operate out of two offices, including one in the home, the costs related to the home office may not be deductible. In addition, generally only 50 per cent of meals and entertainment expenses you incur for the business are deductible (although there are exceptions to allow for a larger deduction in some cases). “You may also deduct a portion of Canada Pension Plan (CPP) contributions that represent the employer’s share to a maximum of $2,049.30 for 2008.” Brought to you by the Institute of Chartered Accountants of Ontario.
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Inst. of Chartered Accountants——

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>

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