The breakdown of expenses must be based on the number of square feet used for the purpose of the work. "If you live in a five-room house with three bedrooms and one of them serves as your office, you can deduct 20% of eligible expenses," says Lacombe. This measure is valid in Quebec and at the federal level.

Expenses incurred to recruit or retain your clients, such as food and beverage expenses, as well as entertainment expenses such as tickets to a sporting event, may be deducted. At the federal level and in Quebec, 50% of the expenses can be deducted; however, Quebec adds a second limit of between 1.25% and 2% of your turnover.

Do not report the allowance for your car

If your employer pays you an allowance for the use of your car, it is not taxable provided it is "reasonable" and calculated based only on the number of kilometers traveled for the job. By "reasonable", tax authorities generally mean an allowance not exceeding $ 0.53 per kilometer for the first 5,000 kilometers and $ 0.47 for the other kilometers. It is essential to keep a record of actual trips. You need the Bookkeeping Watson now for the same now.

Get your GST and QST refunded

If, as an employee, you deduct expenses from your employment income, you can claim the rebate of the GST and QST you paid on those expenses. These include taxes on mandatory contributions to professional orders such as the Barreau du Québec, maintenance of the vehicle used for work, gasoline and depreciation (which represents a portion of the purchase price of the vehicle ).

Selling Your Business: Reduce Your Capital Gain

Did you realize a capital gain on the sale of shares in a small business, farm property or fishing property? Claim the deduction, which can reach $ 750,000 (lifetime limit), or $ 375,000 of taxable capital gain. In the end, it will make $ 90,000 more in your pockets.

About the Company: Act for You happens to be the best option for the best taxation related information. Here you will be getting the most professional and personal options for the taxation process.