Can I write off/transfer expenses from/to my jobs?
Can I write off/transfer expenses from my first job for my second job?
For instance, the income from my first job (a freelancer) is $100 with expenses of $10.
Meanwhile, my second job (sole proprietorship) made $10 while its expenses is $100. In this case, can I write off the expenses of $100 from my second job for the first job? or the expenses must be claimed only for the activities and I am not allowed to transfer the expenses from/to my jobs?
Can I write off/transfer expenses from/to my jobs?
Only if your two "jobs" require you to file separate Business Statements (T2125s) should you separate the income and expenses.
If your job as a Freelancer and your Sole Proprietorship are in the same type of industry, you should only be completing one business statement with your combined income and expenses entered on it.
Here's some more information on filing your Business Tax Return:
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