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I am a physiotherapist and work in a clinic, as a self employed/consultant what all deductions/expenses can i claim while filing my income tax return for 2018?
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October 31, 2019
1:00 AM
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Self-employed
There are many different deductions the self-employed taxpayer can deduct. You will complete a T2125 - Statement of Business Activities and you will have a few different sections to make your deductions. These include:
- Current Expenses - items or services purchased in the tax year.
- Capital Cost Allowance or CCA - these are items of a lasting value that must be "depreciated" over time. You are only able to claim a percentage of the cost of the items.
- Motor Vehicle Expenses - claim the percentage of your total vehicle expenses which you actually used to earn income in your business.
For a complete least of eligible business expenses, see this link from CRA: https://bit.ly/2EDc2vB
October 31, 2019
1:00 AM