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What are the key expense deductions for my industry?
The main expenses that can be deducted from your income, depending on the industry.
In each industry, there are a variety of expenses that can fall within the allowable limits set by the CRA. The most popular claimed expenses include the following:
Consultants:
- Cell phone
- Home office expenses
- Meals and entertainment for client meetings
- Mileage deduction for business travel
- Advertising
Oil & Gas Contractors:
- Supplies and equipment
- Cell phone
- Mileage deduction for business travel
- Repairs and maintenance
- Training (including first aid courses)
- Living Out Allowance (‘LOA’) subsidies
- WCB
Health Professionals:
- Cell phone
- Advertising
- Membership and license fees
- Liability insurance
- Supplies (in some cases)
- Overhead costs
- Parking
Freelancers:
- Supplies
- Cell phone
- Home office expenses
- Meals and entertainment for client meetings
- Mileage deduction for business travel
- Advertising (including client gifts)
Tradespeople
- Supplies and equipment
- Cell phone
- Mileage deduction for business travel
- Repairs and maintenance
- Training (including first aid courses)
- WCB
- Liability insurance
Items like wages and salaries, employee benefits, accountant and legal fees, incorporation costs, and memberships and dues are deductible universally.