The 8 Best Tax Write Offs for Small Businesses in Canada

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  • Опубліковано 7 вер 2024

КОМЕНТАРІ • 127

  • @georgehachey1881
    @georgehachey1881 3 роки тому +6

    I've been wondering how to organise my expenses for taxes purposes, this video helped me 100% Thank you very much Allan!

    • @reyfelix6249
      @reyfelix6249 3 роки тому

      You prolly dont give a damn but does anybody know a method to log back into an Instagram account..?
      I was stupid lost my account password. I would love any help you can give me.

  • @grgameready7363
    @grgameready7363 4 роки тому +1

    Thanks. That was straightforward and succinct. Well done

  • @igorsavchuk8547
    @igorsavchuk8547 7 років тому +7

    Very well explained, thanks!

  • @jazzy0073
    @jazzy0073 2 роки тому

    Very impressive. after watching many videos this guy helped me to learn alot. great sir. i have opened my construction company in quebec so these videos would help me alot to put genuine things for tax. thank you.

  • @landseverywhere2155
    @landseverywhere2155 6 років тому

    guy...may the lord bless you, i was so stressed being first year in business...this was a great help!

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Thank you! Best of luck in your business.

  • @jonathansimmonds3758
    @jonathansimmonds3758 7 років тому

    Clear and simple - Great for my business English class who are all small business owners. Good reminder to keep a record of mileage etc.

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      Thank you for the positive feedback. I appreciate it.

  • @ProjectLena100
    @ProjectLena100 2 роки тому

    Thanks Alan for your video I get answers on my questions about business expanses.

  • @jillnault6058
    @jillnault6058 6 років тому +2

    thank you for putting out this video! Such great information for a new business looking to maximize their writeoffs!

    • @AllanMadanCA
      @AllanMadanCA  6 років тому +1

      Hi Jill, thank you for your positive feedback.

  • @user-qs3tx4rz7e
    @user-qs3tx4rz7e 2 роки тому

    amazing, informative!

  • @mariao8921
    @mariao8921 7 років тому +2

    This was really informative and helpful! Thank you Allan!!

  • @GreatBoneStructure
    @GreatBoneStructure 6 років тому +1

    Great clarity. Thanks.

  • @jeffreylondongolf3448
    @jeffreylondongolf3448 3 роки тому

    Woo keep this coming with updates and reminders and repeat videos! Great stuff!! Recycle content, trust me there is no issue in that! Thanks!

  • @LetusGOok
    @LetusGOok 2 роки тому

    Well done. Thank you.

  • @josejaimes5387
    @josejaimes5387 6 років тому +2

    Thank you sr. very helpful info.

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Thank you for the positive feedback.

  • @rolinmcquade2800
    @rolinmcquade2800 3 роки тому

    This was so informative and simple. Heading to your website now!

  • @daviddow929
    @daviddow929 2 роки тому +1

    Allan, I appreciate your videos and you have been very helpful. I had a question and I wasn’t sure if you actively respond on here or not. Is there a revenue threshold that I need to meet to qualify for these deductions/write offs? If I am a new business owner trying to get started can I utilize these right away or do I need proof of revenue and income before I can use the deductions?

  • @mollymacleod1923
    @mollymacleod1923 2 роки тому

    This was a stellar video! Thank you :D

  • @daniellee3733
    @daniellee3733 8 років тому +1

    Awesome. thank you so much Mr. Allan!

  • @Wutwut1n1
    @Wutwut1n1 4 роки тому

    Thank you very much for all this information, greatly appreciated 👍

  • @hany.gad1
    @hany.gad1 6 років тому +5

    Thanks a lot Allan for this video and all the videos, you are a true help!
    I have a question regarding the business vehicle lease; I am paying $900 a month for my truck lease, so would I be able to deduct 10,800 from my income for the year (say it is 80,800) so my taxable income becomes 70,000 instead?

    • @AllanMadanCA
      @AllanMadanCA  6 років тому +1

      Hi Hany, if the truck is used to haul goods, then it's not treated as a passenger vehicle, and the lease amount is fully deductible. Otherwise, the truck will be treated as a passenger vehicle, and the lease deduction is limited to $800 per month.

    • @hany.gad1
      @hany.gad1 6 років тому

      Thanks Allan, I do transport tools and kits on my truck as I am an oilfield consultant, so yes I think it wouldn't be treated as a passenger vehicle.

    • @AllanMadanCA
      @AllanMadanCA  6 років тому +1

      It won't be treated as a passenger vehicle in your case.

  • @dreambabyxoxo
    @dreambabyxoxo 3 роки тому

    Thank you so much!! This is extremely helpful:)

  • @cmoore2574
    @cmoore2574 3 роки тому

    Great video brother! thank you!

  • @YMMPodcast
    @YMMPodcast 7 років тому +6

    this is awesome!

  • @micheal6036
    @micheal6036 3 роки тому +1

    Hi Allen thank you for the great information. Do I need to have a HST number to take advantage of these?

  • @Teabone3
    @Teabone3 5 років тому

    This was very helpful. Thank you Allan.

  • @aidanmorgan3280
    @aidanmorgan3280 5 років тому +2

    Thank you for this,✊🏽

  • @harlemespanol
    @harlemespanol 2 роки тому

    Wow! Great video. I was wondering if you can write off unsold inventory? For example, I purchase 100 hoodies and I only sell 50 hoodies for the year, can I write of the remaining 50 hoodies?

  • @SpencerStanley
    @SpencerStanley 3 роки тому

    Great video Allan, thanks!

  • @biancabertocchi548
    @biancabertocchi548 6 років тому +1

    wow your videos are so useful!!

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Hi Bianca, thank you for the positive feedback.

  • @ChescoYT
    @ChescoYT 4 роки тому

    *Uploader is amazing, ty from a young Canadian!*
    *If i had parents that gave a fucking shit about me and taught me things, i would have been a millionaire by now.*

  • @andrewwilliams5500
    @andrewwilliams5500 3 роки тому

    Hi allan amazing as always. Content simply amazing. Please help me on 2021 leases and what can I claim as a small biz inc. Thanks

  • @MarzMindset
    @MarzMindset 6 років тому +1

    Great info, thank you!

  • @mayatransport5506
    @mayatransport5506 6 років тому +1

    Thank you for the Video.

  • @monishpawar3381
    @monishpawar3381 3 роки тому

    Why have you stopped making videos? Nice content!

  • @amankmittal
    @amankmittal 4 роки тому +1

    Hi Allan,
    Thank you for putting out this video, really helpful. I have a question - what If I subscribed annually for an application (Nov 15th) just before incorporating my business (Dec 15th), can I transfer the remaining subscription cost (11 months) to the business?

  • @sneakertri
    @sneakertri 3 роки тому

    Amazing content, thank you

  • @zackeryzackery9381
    @zackeryzackery9381 3 роки тому

    Good video, practical

  • @SommyLogic
    @SommyLogic 7 років тому +1

    thank you !

  • @ikkeveldigvicky
    @ikkeveldigvicky 7 років тому +1

    Hi Allan, thank you for a great channel! Question: many small businesses advertise online (google ads, Facebook targeted ads etc.) Is this tax deductible? Thank you very much.

    • @AllanMadanCA
      @AllanMadanCA  7 років тому +2

      Yes, these are tax deductible.

  • @navarrosanchez8830
    @navarrosanchez8830 5 років тому

    Fantastic. I'll recommend you. Cheers

  • @irenehogan528
    @irenehogan528 7 років тому +1

    Good info

  • @montmib
    @montmib 2 роки тому

    As a self employed (I do tutoring), can I file more expenses than profit ? For example, If I make 2000$/year profit tutoring and I declare 4000$ for expenditures for many years in a row. Thank you.

  • @solsisterkendra7832
    @solsisterkendra7832 5 років тому

    great video. thank you.

  • @LUYANWENRose
    @LUYANWENRose 6 років тому +2

    what do you mean by "Make capital purchases right before the year-end so you can take maximum advantage of depreciation deductions on purchase assets" ? please help

    • @AllanMadanCA
      @AllanMadanCA  6 років тому +4

      Hi Lu Rose, when you purchase a company asset during the year, you can claim 6 month's of depreciation expense, regardless of when you purchase it in the year. This is known as the 'half-year rule' for depreciation. To maximize your after-tax dollars, consider purchasing a company asset at the end of the year. By doing so, you can claim 6 months worth of depreciation expense, even though you owned the company asset for a very short-time period.

    • @JuanMorales-wq2pv
      @JuanMorales-wq2pv 6 років тому

      You are good Allan!

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Thank you for the positive feedback.

  • @kathyho3985
    @kathyho3985 6 років тому

    Can you kindly provide a more challenging tutorial on how to allocate the small business deduction between two associated companies?

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Sure, I will do my best to prepare one.

  • @perezcarlos62
    @perezcarlos62 7 років тому +1

    Allan, very good explanation. In case of cars, the car registration have to indicate that the Corporation is the owner or the lessee? or it is not necesary/

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      Hi Carlos, yes, the car registration / lease agreement should be in the name of the corporation.

  • @daneshm
    @daneshm 7 років тому

    good man , handy tips

  • @ryanorlandaofficial
    @ryanorlandaofficial 3 роки тому

    Hi Allan how are you great video. I have a question about the vehicle. I have a car and almost my financing this year. Can i include my remaining payments for my car and other expenses? As you've said it should not be a passenger car. Means i can't deduct anything for my taxable income at the end of the year?

  • @shabanahasan678
    @shabanahasan678 4 роки тому

    Very informative and really helpful.
    However, please remove back ground music. Hard to concentrate.

  • @KDD8
    @KDD8 7 років тому

    Thanks Pal!

  • @vegandelightsbylisa-ann1242
    @vegandelightsbylisa-ann1242 7 років тому +1

    Hi Allan,
    Thank you for sharing. Will this information apply to a small business that has not yet reached the $30,000 mark?

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      Hi Lisa, the same write-offs apply even if your sales are below $30,000. However, you are not required to register for GST/HST if your sales are below $30,000.

    • @johnwilliams9807
      @johnwilliams9807 4 роки тому

      Allan Madan , but do I still have to register for business number

  • @anaselfadil4113
    @anaselfadil4113 4 роки тому

    Big like,you're awesome

  • @ankurbansal21
    @ankurbansal21 4 роки тому

    you mentioned life insurance can be claimed as business expense ,in that case what about death benefit amount ,will not be taxable?

  • @mohammadtjaan3686
    @mohammadtjaan3686 3 роки тому

    Hey Allan, love the content. I have a question in regards to tax write-offs.
    when leasing to own equipment for my business, is the whole monthly payment a tax write off?

    • @dylanbernier6010
      @dylanbernier6010 3 роки тому

      I believe a lease is 100% an expense. Meaning that because it's not an asset, it doesnt depreciate. So i think you can get the whole monthly payment. I could be wrong and this is not financial advice.

  • @vladtheimpaler3625
    @vladtheimpaler3625 3 роки тому

    I just have one question. How do you define a small business? What if my company only has one person but I pay more taxes than company with more employees?

  • @galinakh1
    @galinakh1 6 років тому

    Thank you for the video!
    I have a question about a mortgage interest. Is it really deductible? I know it is in States, but not in Canada.

    • @AllanMadanCA
      @AllanMadanCA  6 років тому +4

      Hi Galina,
      Mortgage interest is deductible if the borrowed funds are used to purchase an income producing investment. In addition, if you rent a portion of your home to your company to use as office space, you can deduction a portion of the mortgage interest you pay.

  • @judithsarazin7110
    @judithsarazin7110 3 роки тому

    Alan, If my incorporated small business is paying a Salary to me, the main employee, can I purchase a Health & Dental Benefit Plan for me and my dependent spouse and claim this monthly charge to the business?

  • @Rizzocartel
    @Rizzocartel 2 роки тому

    Do I have to make payments through my business account to get write offs or I can use my personal account

  • @srinath88j
    @srinath88j 5 років тому

    Arigato Gosaimasu!!!

  • @Marcoosianism
    @Marcoosianism 6 років тому

    If the capital acquisitions are in Class 12, am I correct that you the half-year rule does not apply and you can write off 100% of the value in that first year?
    Subscribed.

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      The half year rule does not apply to purchases of Class 12 assets, except for certain items like software.

    • @Marcoosianism
      @Marcoosianism 6 років тому

      Thanks Allan.

  • @carlstereway4327
    @carlstereway4327 7 років тому

    Can u make a video specifically on advertising? I created my own advertising platform and j would like more information, please and thank you! Great video, by the way, are you from Toronto?

    • @AllanMadanCA
      @AllanMadanCA  7 років тому +1

      Thank you for the positive feedback. I will do my best to create a video on advertising.

    • @ikkeveldigvicky
      @ikkeveldigvicky 7 років тому

      Allan Madan Yes please!

  • @mr.coolman3376
    @mr.coolman3376 7 років тому

    Hello Allan,
    I am interested in investing in the stock market in the USA and Canada. How will I be taxed on my dividend income from both countries?

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      I'm assuming that you are tax resident of Canada. If this is the case, then taxes of 15% will be deducted form dividends paid by US companies to you. Any capital gains on the sale of US marketable securities will only be taxable to you in Canada.

  • @emandagauthier9914
    @emandagauthier9914 6 років тому

    Hi there,
    Can you write off finance payments for a vehicle, or is it only lease payments?

    • @AllanMadanCA
      @AllanMadanCA  6 років тому +2

      Hi Emanda, lease payments are tax deductible. If you financed the purchase amount of the vehicle, then you can write off the interest paid. In addition, for a financed vehicle you can also claim depreciation at an annual rate of 30%.

  • @brianharcott2093
    @brianharcott2093 6 років тому

    How exactly does one calculate their "mortgage interest only" per monthly payment?
    For example I have a 25 yr mortgage of $290K at 3.04% and my monthly payments are $1370.

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Your bank should provide you with a year-end statement showing the total interest paid and total principal paid. Use the figures from this statement.

  • @acouplepainters5326
    @acouplepainters5326 7 років тому

    Hi Allan, thank you for your video. I have a question regarding write-offs for advertising. If I pay for a Google Ad, but geo-target it to Canada, is that eligible to be written off? Thanks.

    • @AllanMadanCA
      @AllanMadanCA  7 років тому +1

      Yes, you can write off the expense.

    • @ryanorlandaofficial
      @ryanorlandaofficial 3 роки тому

      @@AllanMadanCA But what if the company that i paid online for my business is outside canada like FIVERR?

  • @r_mon6178
    @r_mon6178 7 років тому

    Hi Allan, can I purchase a cottage home and a primary residence in 2 different cities? And if I sell the primary residence can I avoid paying tax on the capital gains for the primary residence? And what order I should purchase the homes in (ie. first buy the cottage or the primary residence).

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      You can only claim the principal residence exemption on one property in a year. In other words, you cannot claim to have to primary residences in the same year.

    • @r_mon6178
      @r_mon6178 7 років тому

      I don't plan on selling 2 homes as my primary residence. Can I have a cottage home and a primary residence in Toronto at the same time?

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      Yes, you can have both. But only 1 can be designated as your principal residence at a time.

    • @r_mon6178
      @r_mon6178 7 років тому

      ok great. BTW your videos are amazing. I've learned so much.
      Im just throwing this out there, but maybe making a video about this may help.
      Many of my friends had the same question and concerns regarding owning 2 properties (cottage & house down south) and wanting to sell their house down south (primary residence) and not wanting to pay tax on the capital gains since its their primary residence.
      Thanks again,

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      You're more than welcome. I will try my best to produce a video on the cottage + home scenario.

  • @dvictor6885
    @dvictor6885 6 років тому +3

    we just really should not have to pay tax ,at the amount that are scammer gov, think we should give them. free man on the land

    • @aidanmorgan3280
      @aidanmorgan3280 5 років тому

      Complaining about how it is won't change a thing, the successful adapt

  • @r_mon6178
    @r_mon6178 7 років тому

    so Allen, just to clarify, if i purchase a 160,000 car, I can only claim $24,000 (15%) in the first year and a maximum of $6,000 (4%) the next year and thats it. I would not be able to claim anything else, correct?

    • @AllanMadanCA
      @AllanMadanCA  7 років тому +1

      If you purchase a vehicle for $160,000, then the amount allowable for CCA is limited to $30,000 + taxes. For example, assume that you purchase a car for $30,000 (ignore taxes for simplicity). In year 1, you can claim 15% or $4,500 of CCA. In year 2, you can claim 30% of the balance remaining for depreciation: 30% x (30,000 - $4,500) = $7,650 of CCA.

    • @r_mon6178
      @r_mon6178 7 років тому

      So probably better to lease the ?
      I know the lease limit is $800 + tax, is that for all the cars under the corporation or can I have 2 cars under my corporation for $800 per car?
      And if so, can I purchase the cars within the same year or is there a limit of cars you can lease per year?
      Thanks again,
      Your videos are great

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      The lease limit of $800 is for each car / per car. You can lease or purchase within the same year.

  • @jaytoronto-mc6qu
    @jaytoronto-mc6qu 2 роки тому

    You set up a meeting with me but did not show up. You asked for my number but never called. I called your office but no one picks the phone????

  • @harolddavis5864
    @harolddavis5864 6 років тому

    Work closely with our local agents, many of whom live in your neighborhood. Let us get to know you and your needs. www.ccvinsurance.com/locations/brampton/ #autoinsurancebrampton #carinsurancebrampton #insurancebrampton #homeinsurancebrampton

  • @ml3924
    @ml3924 5 років тому

    U can’t claim home office expense anymore

  • @MrAA-oc3ym
    @MrAA-oc3ym 7 років тому

    so if i buy or own a $60,000 car would i still get a 30% write off?

    • @AllanMadanCA
      @AllanMadanCA  7 років тому

      The capital cost allowance (i.e. depreciation) rate is 30% per year for vehicles. In the year of purchase, only 15% can be claimed. Note: The maximum cost allowable for CCA is $30,000. The purchase price in excess of $30,000 cannot be written-off.

    • @Marcoosianism
      @Marcoosianism 6 років тому

      If he bought his car say 5 years ago, would have only be able to write off 30% of the current "book value" of the car? ... and if so, does the half-year rule of 15% apply since it's the first year he's claiming it?

  • @mikekollinger6845
    @mikekollinger6845 2 роки тому

    Is this information up to date

  • @dneuman7455
    @dneuman7455 6 років тому

    bluffing for a commercial property sale, on the up sell . lol

  • @northernwrx
    @northernwrx 6 років тому

    Should I incorporate if I only have one rental property???

    • @AllanMadanCA
      @AllanMadanCA  6 років тому

      Hi Jamie, no, it doesn't make sense to incorporate a company for one rental property. Canadian corporations pay a high rate of tax on rental income (net of expenses) - approximately 50%.

    • @northernwrx
      @northernwrx 6 років тому

      Allan Madan I think rental properties are a great asset to my portfolio however I don't know the tax side enough. Your videos are great I have been watching a lot of them. I think this is the year I hire a tax person.

  • @icimatch9128
    @icimatch9128 2 роки тому

    U should remove old videos.. out dated. ?

  • @Sunlitbat
    @Sunlitbat 3 роки тому

    I was just watching this and I spilt candle wax all over me lol

  • @jesterc.6763
    @jesterc.6763 2 роки тому

    82k views? No wonder why people are poor. This should be taught in churches.