Oliver Xing
Chartered Accountant
800-255 Duncan Mill Rd.
Toronto, ON Canada M3B 3H9
Tel:416-510-2991  Fax:416-510-0851

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Tax Tips  - January 21, 2001

Allowable Expenses for the Self-employed
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If you are self-employed,  you may claim certain expenses which include everything you reasonably spend money on to make money. 

Revenue Canada's test of "reasonableness" includes computers, office equipment, stationery, word processing services, courier charges and most goods and services relevant to your particular business. 

It is important to separate personal and business use if you are a home- based business owner.  For instance, mileage records must be kept to back up claims for business use of cars or trucks.  If your home office occupies 35 per cent of your home, you may be able to deduct 35 per cent of the following home maintenance expenses: mortgage interest, home insurance, heating, property taxes, gardening costs, repairs and other maintenance costs.