Home Based Business Tax Deductions Canada
Canadian home-based business owners may be eligible to deduct certain business expenses from their income tax. Although there are income tax deductions that are specific to home businesses, not all home businesses qualify. The Canada Revenue Agency (CRA) has stringent conditions that determine whether a home business owner can claim business-use-of-home expenses—the home office tax deduction. To calculate your business-use-of-home expenses, complete the “Calculation of Business-Use-of-Home Expenses” section on Form T2125, Part 7....