If you run your business from your home, be aware of the expenses you can write off. Keep track of the proportional amount you use for expenses like internet, hydro, rent, or even your mortgage interest that you accumulate during your business hours.
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Even if your business income is low, be sure to claim all your business-related expenses. Any business loss can be carried back 3 years or forward 20 years. Those earlier or later returns can then be reassessed to include the business loss, and you could get an additional refund.
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Did you know?
The CRA does not send emails. If you receive an email claiming to be from the CRA, do not respond and do not click on any links. Be sure to contact Books In Line if you are not sure about anyone contacting you and claiming to be from the CRA. We will look into this on your behalf.
Have questions? Give us a call! 905-571-2665
