Explore Small Business Finance Topics

Discover our most popular topics for Canadian solopreneurs and small business owners. From income tax and GST/HST to QuickBooks tutorials and managing your business finances, these guides are designed to help you move from financial uncertainty to financial confidence.

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📑Canadian Income Tax

Guidance on filing and planning your Canadian taxes, from T1 and T2 returns to instalments

📊Managing Business Finances

From cash flow to pricing and metrics — learn to manage your business finances with confidence.

🏢 Canadian Business Structure

Should you incorporate? Stay informed on sole proprietorships, corporations, and registrations.

💰 GST/HST & QST

Understand how to register, file, and maximize input tax credits while avoiding common mistakes.

🧾 Guides and Tutorials

Practical accounting processes like reconciliations, journal entries, and reporting.

📝 Deductions & Expenses

Learn which expenses are CRA deductible and how to track them for maximum tax savings.

Quebec Taxes & Business

QST, Revenu Québec filings, Quebec payroll, and provincial rules every entrepreneur should know.

👤 Paying Yourself

Salary vs dividends, management fees, and how to pay yourself from your corporation or small business.

💻 QuickBooks Online & Tools

Tutorials, guides and time-saving tips for using QuickBooks Online effectively.

🏦 Money & Personal Finance

Personal finance strategies for entrepreneurs, from RRSPs to saving for taxes.

Guidance on Deducting Home Office Expenses
Small Business Accounting & Analysis, Canadian Income Tax, Quickbooks, Deductions and Expenses Ronika Khanna Small Business Accounting & Analysis, Canadian Income Tax, Quickbooks, Deductions and Expenses Ronika Khanna

Guidance on Deducting Home Office Expenses

One of the benefits of having a home based business (for freelancers, self employed contractors and small business owners) is that you can deduct the expenses relating to the space that you use to work.  This can result in a reduction in your tax bill for costs that you would incur regardless, which is certainly an incentive to being your own boss.  

Criteria for Deductibility:

For home office expenses to be deductible, they have to meet the following criteria: 

  • It has to be your principal place of business i.e. you cannot deduct home office expenses if you have another office that relates to your business, elsewhere, even if you work 22 hours a day or you check your blackberry in bed.

  • The space designated as your home office is used to earn business income and/or you meet clients or customers on a regular basis. You can deduct expenses relating to the workspace in your garage which is used for home improvement projects.

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