Top 12 Tax Deductions Every Canadian Small Business Misses
Maximize your small business tax savings in Canada. See 12 deductions owners often overlook and how to claim them safely with a CPA.
Don’t leave money on the table. Discover 12 powerful deductions most small businesses miss — from home office to CCA and family wages — all CRA-approved.
Many small business owners leave money on the table at tax time. Here are 12 deductions Canadian entrepreneurs often overlook — and how a CPA can help you capture them correctly.
Key takeaways:
- Home office and internet expenses (CRA simplified vs. detailed method).
- Vehicle mileage tracking for business use.
- Wages to family members and reasonable salaries to owners.
- Professional fees, insurance, bank charges, and bad debt write-offs.
- Capital purchases eligible for accelerated depreciation (CCA).
- Business meals, travel, and continuing education expenses
- Health benefits through a Health Spending Account (HSA).
- Charitable donations and sponsorships tied to brand visibility.