What expenses can I write off?
You can generally deduct business expenses – if they are incurred to produce income. If you claim expenses, you must be able to back up your claim. You do this by keeping records of all your business-related expenses and recording the expenses in a journal or excel. Examples of expenses you can deduct: Accounting/Legal Fees Advertising Expenses Professional Fees and Dues License Costs Interest and Bank Charges Meals and Entertainment Maintenance, Repairs and Vehicle Expenses Use of a Workspace In Your Home Inventory and Costs Of Goods Sold Related information is available from the Canada Revenue Agency and the
Is it mandatory to register for HST?
Most businesses that operate in Ontario and have annual sales (revenues), totalling more than $30,000 must register for and charge HST. If your total annual sales are less than or equal to $30,000, you are considered to be a small supplier and are not required to register and charge HST. Depending on the nature of your business you may still choose to register as you will be able to claim input tax credits (ITCs) to recover the GST/HST you pay or owe on your business purchases. You may also find that some clients may only do business with businesses
