Looking for some tax write-offs for your Canadian small business before the end of the year? Luckily there are still a few months left and I share the top 10 tax write-offs every small business in Canada should take advantage of.
In this video, I explain what a tax write-off is and how it works, the benefits of strategically using write-offs to lower your tax bill, and why one of the best write-offs and investments I made in my own business was accounting software and my accountant (like this video's sponsor ReInvestWealth). Also, even though ReInvestWealth's base plan is FREE, if you did want to use one of their all-in-one plans, don't forget to use promo code JESSICAMOORHOUSE to get a 50% discount on the first 3 months.
*This video is sponsored by ReInvestWealth, but all views and opinions expressed are my own and are based on my own research of the subject matter.*
📹 WATCH NEXT
https://www.youtube.com/watch?v=mHNxmEf1rso
https://www.youtube.com/watch?v=WvLyt6r3HT8
https://www.youtube.com/watch?v=4mpgzso4RLs
CHAPTERS
00:00 Introduction
01:50 What is a write-off & how do they work?
03:49 Advertising & marketing
04:47 Travel
05:51 Professional dues
06:29 Commercial insurance
06:52 Bank & payment processing fees
08:19 Loan interest
09:03 Business-use-of-home expenses
09:58 Professional fees
10:39 Office expenses
11:28 Office supplies
12:05 ReInvestWealth walk-through
RESOURCES
📌 Learn more about ReInvestWealth https://www.reinvestwealth.com/
📌 Incorporating a Business in Canada: Incorporation vs. Sole Proprietorship https://www.youtube.com/watch?v=WvLyt6r3HT8
📌 Self-Employed Taxes in Canada: How Much to Set Aside for CPP, EI & Income Tax https://www.youtube.com/watch?v=otd-MLy1qXg
📌 GST, HST, PST - Sales Tax for Small Business in Canada Explained https://www.youtube.com/watch?v=6WVle5QlFrM
📌 List of other business expenses you can claim https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting/business-expenses.html
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ABOUT ME
I'm Jessica Moorhouse, an award-winning money expert, Accredited Financial Counsellor Canada®, speaker, TV personality, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into a financial education business that has helped thousands of people take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#taxes #personalfinance #smallbusiness
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The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
