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Your Home Business Deductions

Many women overlook the fact that a percentage of many household expenses can be written off at tax time. This percentage is usually determined by the percentage of space your business occupies within your home.

To determine the percentage for your home business, you take the total square footage of the living space in your home and divide it by the square footage of your home office or workshop space. It is this percentage that you can deduct from your household expenses.

Of course, there are exceptions to this. You need to have a separate office space to be able to take the deduction. If you have a desk set up in the corner of your bedroom or kitchen, you can't write off the space for your entire bedroom or kitchen.

In Canada, a percentage of expenses are usually deductable:

  • utilities such as water, electricity & heat.
  • home insurance (not to be confused with business insurance, which is 100% deductable)
  • If you own your home, you can deduct the percentage of your mortgage interest payments and property taxes
  • If you rent, you can deduct your monthly rent
  • repairs and maintenance to your house.
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