Blog Post Summary: Tax Advantages of a Home-Based Business
Article posted with permission from our Referral Partner YBL Accounting.
Running a home-based business offers a wide range of tax benefits that can save you money while keeping your operations close to home. From the well-known Home Office Deduction to lesser-known advantages like deducting portions of your mortgage interest, property taxes, and utilities, there are significant opportunities to reduce your taxable income. Expenses for business-related repairs, transportation, insurance, and even meals can often qualify as deductions, provided you follow Canada Revenue Agency (CRA) guidelines and maintain detailed records.
This guide also highlights overlooked opportunities, such as deducting educational expenses, tax preparation costs, and business-related software. It’s a must-read if you’re looking to maximize the financial advantages of running a business from your home while staying compliant.
For a deeper dive into these benefits and practical advice on record-keeping and CRA compliance, check out the full article here: Article Tax Advantages of a Home-based Business YBL
If you’d like to book a meeting with a business advisor, email bacd@durham.ca.
