TAX EXPERT EXPLAINS Top 5 Tax Write-Offs for Small Businesses in Canada for 2022
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- Опубліковано 26 чер 2024
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Today, I will go over TOP 5 business tax deductions so that you can maximize your deductions and reduce your tax liability, so you can better plan for the upcoming tax season.
00:00 Intro
01:30 Tax Write-off #1 Online Platforms
02:02 Synder - Accounting Software for E-commerce & SaaS businesses
03:59 Tax Write-off #2 Capital Property (CCA, CCA Classes, Vehicles)
05:42 Tax Write-off #3 Product Costs (Samples, R&D, Inventory)
07:02 Tax Write-off #4 Home Office Expenses
08:11 Tax Write-off #5 Misc Costs (Advertising, Freelancers, Travel, Meals & Entertainment)
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, working with Global 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for specific advice related to your business situation and needs.
*This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).
#Taxwriteoffs #Taxdeductions #CanadianBusiness #CanadianSmallBusinesses #EntrepreneurCanada #CanadianTaxes #CanadianBusinessGuide #CanadianFinance #Synder #Accountingforecommercesellers
Get one FREE MONTH of Synder - the accounting software for e-commerce and SaaS businesses that will help you from burning out during busy season: synder.me/Gabriellelee
can you explain the tesla aspect better, does this mean you can write off a tesla fully up to 50k in the first year?
Thank you for the video Gabrielle! Appreciate it very much! And yes, would definitely appreciate a separate video on vehicle related expenses.
Hey Gabrielle, I’m in the middle of starting a business and your videos are extremely useful. A big thanks from both my partner and me!
Very detailed, clear and comprehensive explanation! Well done! Keep up the good work.
Hey Gabrielle, this video was invaluable as a Canadian solopreneuer. I'm about to deep dive your channel lol.
[5:36] YES. I drive 2-4 hours a day doing business related tasks and would appreciate a video on vehicle write offs (if you haven't done one already)
Thanks so much for this!
great work ! Thanks for the Info
Thank you!
great vid! a separate video going in dept on vehicle expenses would be great content!
Thank you for such a good educational video. Looking forward to more like this.
Deducting lunch 50% sounds great.
There's so much valuable information here that I never thought of, I'm definetly glad I seen this before my startup.
Have you created a video about writing off vehicle? I'm very interested in this :)
^^^ car write offs
This was so good. Thank you
Great video as always. The information about green vehicles was new to me and I'd love if you could dedicate a video for small incorporation vehicle purchase.
hi sis, thanks for such a lucid explanation. keep it up.
This is amazing - ty.
Great work your video was very informative.
Great video !
Hi, it would be nice to know exactly how a vehicle write off works. Thanks 😊
Lovely Gabrielle 💜
Thank you
Would love to see the video of how to deduct vehicle expenses like suggested in the video
Yes same, please
Yes another video on vehicle tax right off !!!
Great video and timely as I'm working on my corporate filing. For the at-home expense calculation (for a shared personal and business space) do you have to factor in the square footage or is it just the % time used per day? There aren't a lot of good examples of both calculations out there and I find this part the most consuming to gather all the items.
Would love a separate video for vehicle write off or how. Thank you
Wow great video! Insta sub. Thanks for sharing!
Gabrielle - that sponsorship hits different ^^ :))
Very useful info … even I am not a business person now …,
Yes please. A lease / tax video for vehicles would be amazing. Also thank you for this knowledge !
it's already out! ua-cam.com/video/ey_90iiw-1w/v-deo.html
Thanks very much for all of this helpful content! I was wondering if you had any videos on getting paramedical benefits like dental, physiotherapy, etc paid for by your business. Or many content on self-insuring? I'm not sure if that's just an american thing, but it's very interesting and seems like a way to get a lot more from the cost of insurance. Also, I'm wondering if there would be a way to claim a spa membership or ski pass as a business expense. I do a lot of networking on the chairlifts!
Thanks in advance for any guidance you're able to provide :)
Wow! Very informative 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?
Yes please we need a video how to write off a car !!!!!
Could you pls dive deeper into whether it makes sense to declare property depreciation? Thanks
Please go into greater depth about the cca duductible on electric vehicles
Is sales tax on a capital purchase considered part of the expense of a capital purchase? Likewise can sales tax be included as part of the expense for office stationary such as printer ink cartridges?
A separate video on deducting vehicle related expenses would be awesome
Thank you for your good information. FYI, I hope you get a better microphone or put sound absorbing pads up to make your sound less echoey and annoying.
hi gabrielle, where would you put softwares like photoshop ?
Thank you for video. can a company deducting 100% of the cost in food that it's given to employees?
Thanks for the detailed Video it was really helpful for 2023, I run an ETSY shop and my Teenage daughter designed/make the product, Can I pay her? and claim as expenses?
Wow! Very informative video, Gabrielle. If I generate 25K in business income, then I register for my HST number, do I pay tax on the 25K or just the money I generate after I register for my HST number?
A lot of the financial rules apply to the United States as well. Do you ever think about expanding your services to clients in the United States?
Around minute five, did you say properties acquired before 2028? Did you mean to say 2018? and yes, it would be interesting to have a video on vehicle depreciation (as well as videos of corporations dedicated to real state ) :)
Do we have to buy the Zero Emission vehicle outright in cash to be eligible for a 100% write off or we can finance it?
Is it possible to not pay federal or state taxes? I have a w2 but my side hustle or 1099 has a high business expense due to saas licensing. I have to obtain a new license for each client obtained. If each annual license cost 10k is it possible lowering my AGI to a point that I don’t have to pay federal or state tax?
i never used an accounting software i guess i needs to be usable information and should be streamlined with sales i make on a web site...what i want to know if if this acctying software is all i need to keep order and do get information for my taxes and be connected to some online platform or web site.
If the vehicle was paid off when purchased and i am sole proprietor, can i write off the car? Im in ontario
Thanks for such informative information. Many of my friends that hired accountants do no have any of this knowledge nor do they suggest these methods. One friend even had to tell their accountant how to deduct. Is this normal in the industry? That accountants don't necessary advise unless you ask them to?
Note that not all Accountants are CPAs nor tax experts! It's important to ask them some questions regarding their background and designation before going with them - a good tax CPA will help you take all the necessary deductions!
The seed money i put up for the business came out of my pocket. The business isn't showing a profit yet. I still have a day job. For taxes for 2021, can I deduct the amount i put into the business from my personal income?
Does your business have to see a specific profit in order to get the electric vehicle write-off?
Gabriel. I’m nearing retirement and would like to purchase a Tesla. Write off against my last year of business expenses (cca) at 100% and then transfer to child in following year. Would I be allowed to show value of disposition in the following year as zero :)?
Can I buy a car as a Sole Proprietor and consider it a depreciating asset on my books?
How do I book an appointment with a tax specialist
How often can you get the EV deductible? Let's say this year I got a Tesla, but can I sell it next year and get a new Tesla and get another $55k deductible? Thanks
Hi Gabrielle, Great content I am a Canadian with T4 income based in Ontario I am thinking of starting a Business brokerage corporation in UAE, Dubai that will operate and earn income out of Canada 100%. How Much tax am I expected to pay in terms of % ? any suggestion to reduce my taxes ? Thank you
Is it possible to write off capital property that you already own? IE) Dedicating a laptop that I already own just for freelance development work.
It needs to have been incurred after your business commencement date per CRA: www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses/business-start-costs.html
Maybe I’m a bit much but I’d participate and appreciate a quiz to let me verify how much of the information I absorbed
Hello Gabrielle I have a question. Maybe you could explain on a video. What happens if I sold some Crypto that currently is on lost to have a taxable event (in my favor) from this year then I immediately buy the same crypto at the same price and simply hold. So my question is. This would be considered a lost for the current year ? And the new purchase as long as I hold it will be considered until the moment I sell again?. Thank u so much
You would need to look into the superficial loss rules which prevent you from realizing the losses if you buy back the same capital property within 30 days - check out cra guidance: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/capital-losses-deductions/what-a-superficial-loss.html
Hi Gabrielle.. I am in Canada as a student on a study visa. I have a very successful Fiverr business (with two employees to manage the Fiverr account in India). I started this business when I was back in India. Can I transfer this business to Canada, holding a student visa, whilst I retain the employees back in India to operate the account?
🤯🔥🤖💕
Do you have to register with the government as a freelancer
Depends on what you mean - if you are a sole proprietor operating under your name, you don't need to register your business. However, if you are operating under a different name or want the benefits of incorporation, you would need to register your business.
Can I hire you to do my taxes next year? Or should I just go to H&R block? Also do you have a boyfriend?
seeems like an add
you need better audio
Ok TNX GOOD sponsor okay give passport ok thanks
hi, do you have a video that explains vehicle tax write offs a bit better?