Calculating business-use-of-home expenses
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Calculating business-use-of-home expenses
Example
The following is an example of how to calculate the business-use-of-home expenses:
Calculation of business-use-of-home expenses
Heat
$ 1,200.00
Electricity
$ 1,000.00
Insurance
$ 650.00
Maintenance
$ 350.00
Mortgage interest
$ 8,000.00
Property taxes
$ 1,800.00
Other expenses (specify): Water
$ 300.00
Subtotal
$ 13,300.00
Minus: Personal use part (162 ÷ 180 × $13,300)
$ 11,970.00
Subtotal
$ 1,330.00
Plus: Capital cost allowance (business part only)
$ 0.00
Plus: Amount carried forward from previous year
$ 150.00
Subtotal
$ 1,480.00
Line 1
Minus: Net income (loss) after adjustments
$ 7,100.00
Line 2
Business-use-of-home expenses available to carry forward (line 1 minus line 2) (if negative, enter "0")
$ 0.00
Allowable Claim (the lesser of amount 1 or 2 above)
$ 1,480.00
Line 3
Forms and publications
- Guide T4002, Business and Professional Income
- Form T2125, Statement of Business or Professional Activities
Related topics
- Date modified:
- 2017-01-03