Deducting your business expenses
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Deducting your business expenses
You can deduct any reasonable expenses you incur to earn your daycare income. It is important to know the difference between daycare expenses and your personal expenses.
Here is a list of expenses that are deductible:
- Advertising
- Business-use-of-home expenses
- Business tax, licences, and memberships
- Capital cost allowance for your daycare
- Field trips
- Management and administration fees
- Motor vehicle expenses
- Office expenses
- Office stationery and supplies
- Professional fees (includes legal and accounting fees)
- Repairs and maintenance
- Salaries, wages and benefits (including employer's contributions)
- Travel expenses
Note
Keep all original receipts, sales invoices and contracts for maintenance and repairs in case we ask to see them later. Don't send these receipts with your income tax and benefit return.
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- Date modified:
- 2024-05-30