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You can deduct expenses you incur for eligible disability-related modifications made to a building in the year you paid them. You can do this instead of adding them to the capital cost of your building.
Eligible disability-related modifications include changes you make to accommodate wheelchairs, such as:. You can also deduct expenses paid to install or get the following disability-related devices and equipment:. If you received a payment in kind for a product or service you would normally have sold, include the fair market value FMV of the product or service in income.
If you made a payment in kind for a business expense, include the FMV of the good or service in income. Deduct the same amount as an expense. If you are a business person or a professional and lease a passenger vehicle, see Line � Motor vehicle expenses not including CCA. If you are a farmer and lease a passenger vehicle, see Line � Motor vehicle expenses.
If you are a fisher and lease a passenger vehicle, see Line � Motor vehicle expenses not including CCA. If you entered into a lease agreement, you can elect to treat your lease payments as combined payments of principal and interest. However, you and the person from whom you are leasing have to agree to treat the payments this way. In this case, we consider that you:.
You can deduct the interest part of the payment as an expense. You can also claim CCA on the property. However, office furniture and vehicles often do not qualify. To treat your lease this way, file one of these forms with your income tax return for the year you make the lease agreement:.
You can deduct the cost of attending up to two conventions a year. The conventions have to meet the following conditions:. This second limit may not apply if an organization from another country sponsors the convention and the convention relates to your business or professional activity.
Sometimes convention fees include the cost of food, beverages, or entertainment. The convention organizer may not show these amounts separately on your bill.
Food, beverages, or entertainment do not include incidental items such as coffee and doughnuts available at convention meetings or receptions. If you lease computers, cellular telephones, fax machines, and other equipment, you can deduct the percentage of the lease costs that reasonably relates to earning your business income.
You can also deduct the percentage of air-time expenses for a cellular telephone that reasonably relates to earning your self-employment income. If you buy a computer, cellular telephone, fax machine, or other such equipment, you cannot deduct the cost. You can deduct CCA and interest you paid on money you borrowed to buy this equipment that reasonably relates to earning your business income.
You can deduct an amount for a reserve, contingent account, or a sinking fund as long as the Income Tax Act allows it and the amount is reasonable. You can find more information about allowable reserves in the following publications:. You can deduct premiums paid to a private health services plan PHSP if you meet the following conditions:. You cannot claim a deduction for PHSP premiums if another person deducted the amount, or if you or anyone else claimed the premiums as a medical expense.
For your premiums to be deductible, your PHSP coverage has to be paid under a contract with one of the following:. For more information on PHSPs , see Interpretation Bulletin IT , Meaning of 'private health services plan' and subsequent taxation years , or go to Private health services plan premiums. The following sections explain how to calculate your maximum PHSP deduction based on whether you had employees and whether you insured them throughout the year or for part of the year.
Find the section that describes your situation. All PHSP deduction limits and calculated limits must include all applicable taxes as part of the total dollar amount. Your PHSP deduction is restricted by an annual dollar limit. The limit is a maximum of:. The maximum deduction is also limited by the number of days that person was insured. Calculate your allowable maximum for the year by using the following formula:. A is the number of days during the period of the year you insured yourself and your household members, if applicable.
Edwin was a sole proprietor who ran his business alone in He had no employees and did not insure any of his household members. His coverage lasted from July 1 to December 31, a total of days. Edwin's maximum allowable PHSP deduction is calculated as follows:. Bruce was a sole proprietor who ran his business alone in He had no employees. From January 1 to December 31, he insured himself, his wife, and his two sons.
One of his sons was 15 years old and the other turned 18 on September 1. Bruce's PHSP deduction is limited to the following amounts:. Your limit is based on the lowest cost of equivalent coverage for each of your qualified employees. Use the following steps to calculate your maximum allowable claim for the PHSP premiums paid for yourself, your spouse or common-law partner, and your household members.
Your limit is then the least amount you calculate for each employee. You have one qualified employee. You have three qualified employees, Jack, Jill, and Sue. The following table shows how much you would pay for coverage equivalent to each of theirs, and the percentage of each employee's premium you pay.
If you have a qualified employee with no coverage, you cannot claim your PHSP premiums as a deduction from self-employment income.
However, you may be able to claim them as medical expenses. If you did not have at least one qualified employee, the limit in Amount 1 will apply. If you deduct only part of your PHSP premium at line for farming or line for fishing, and you paid the premium in the year, you can include the undeducted balance when you calculate your non-refundable medical expense tax credit.
If you use a property you own such as a building, a motor vehicle, furniture, or equipment in your business, you might be able to claim CCA. Enter the amount of CCA you calculated on the charts found on your form. For more information on how to fill in these charts, see Chapter 4. For business and professional income, use line on Form T For farming income, use line on Form T For fishing income, use line on Form T Enter the gross income minus the total expenses.
If you have a loss, enter the amount in brackets. If you are a partner in a partnership, this amount is the net income or loss of all partners. By making the optional inventory adjustment OIA , you can include in your income an amount up to the FMV of your inventory minus the mandatory inventory adjustment MIA. You can only make the OIA if you use the cash method. For the meaning of inventory and FMV , see Line � Mandatory inventory adjustment included in the current year below.
It is the entire inventory you still have at the end of your fiscal period. Enter the amount of your OIA on line You must deduct this amount as an expense in your next fiscal period. The mandatory inventory adjustment MIA decreases your net loss if you held inventory at the end of your fiscal period. Read this section, even if you do not have to make the MIA. This section will show you how to determine the value of the farm inventory you bought and still have at the end of your fiscal period.
You will need to know this value if you have to make the MIA this year or in the future. You have to make the MIA if all of the following apply:. Your MIA is the lesser of these amounts:. To calculate your MIA , fill in charts 1, 2, 3, and 4. Once you have completed chart 4, enter the amount on line In your next fiscal period, deduct the MIA you added to your net loss in your fiscal period.
If you bought a specified animal as defined below in a non-arm's length transaction , we consider you bought the animal in the same year and at the same price for which the seller bought it. A non-arm's length transaction is, for example, a transaction between members of a family, such as a husband and wife, or a parent and child. Inventory is a group of items that a business holds and intends to consume or sell to its customers.
Seed you have already planted and fertilizer or chemicals you have already applied are no longer part of your inventory items, but are included in the value of the standing crop that may be included in the optional inventory adjustment OIA. Specified animals are horses. You may also elect to designate cattle you registered under the Animal Pedigree Act as specified animals.
To make this choice, put a note on your income tax return saying you want to designate the animal this way. If you indicate on your return that it is a specified animal, we will continue to consider it as such until you sell it.
Fair market value FMV is generally, the highest dollar value you can get for your property in an open and unrestricted market between an informed and willing buyer and an informed and willing seller who are dealing at arm's length with each other.
To value your purchased inventory, read the text that follows and the example of how to fill in the MIA charts. There are blank charts for you to use.
Keep these charts as part of your records. Except for specified animals, you have to value any purchased inventory you acquired before or during your fiscal period at the lesser of these amounts:. To determine which amount is less, compare each item or group of items separately in the inventory. Value the specified animals you acquired in your fiscal period and still have at the end of this period at one of the following amounts:.
Value the specified animals you acquired before your fiscal period and still have at the end of this period at one of the following amounts:. Doug started his farming business in and uses the cash method to report his income. His year-end is December Doug has purchased inventory at the end of his fiscal period. This means he has to decrease his net loss by the MIA. Doug made a chart for the cash cost of his livestock that is purchased inventory at the end of his fiscal period.
Doug's other inventory is fertilizer, seed, and fuel. The cash cost is the same as the FMV value for this inventory. Its value is as follows:. At the end of his fiscal period, Doug did not have any other inventory that he bought before his fiscal period. Doug has registered his livestock under the Animal Pedigree Act. He wants to designate these animals as specified animals. Doug completes chart 1 as follows:. Doug now knows the cash cost of his purchased inventory, including his specified animals.
He uses these amounts to calculate the value of his purchased inventory at the end of his fiscal period. To do this, he fills in charts 2 , 3, and 4 as follows:. Chart 2 Value of purchased inventory for specified animals. The small letters in front of each line match the paragraphs at the end of this chart.
These paragraphs explain how Doug calculates the number on each line. Chart 3 Value of purchased inventory for all other inventory. Inventory bought in his fiscal period: Doug enters the amount from line 6 or the fair market value, whichever is less. Inventory bought in his fiscal period: Doug enters the amount from line 7 or the fair market value, whichever is less. Inventory bought in his fiscal period: Doug enters the amount from line 8 or the fair market value, whichever is less.
Inventory bought in his fiscal period: Doug enters the amount from line 9 or the fair market value, whichever is less.
Inventory bought before his fiscal period: Doug enters the amount from line 10 or the fair market value, whichever is less. Chart 4 Calculation of MIA. Doug enters the amount of his net loss from line MIA � Doug enters the amount from line 21 or line 22, whichever is less.
The MIA that Doug uses for his fiscal period will be the same amount that he deducts from his farming income when he calculates his income for his next fiscal period.
Enter the figure from line 23 of chart 4 on line of Form T On Form T for business and professional income, enter your share of line on amount 5A. On Form T for farming income, enter your share of amount 4C on amount 5A. On Form T for fishing income, enter your share of line on amount 5A. This is the amount left after you subtract the amounts that the other partners are responsible for reporting. On the "Details of other partners" chart, indicate the full names and addresses of the other partners, as well as a breakdown of their shares of the income and their percentages of the partnership.
You can also get this amount from your T slip. For business and professional income, enter the total of amount 5A and line at amount 5B. For farming income, enter the total of amount 5A and line at amount 5B. For fishing income, enter the total of amount 5A and line at amount 5B.
If you are a partner in a partnership and you incur motor vehicle expenses for the business using your personal vehicle, you can claim those expenses on this line. The expenses must not have been claimed anywhere else on the form.
Claim this amount only if the partnership did not repay you for these expenses. The limits discussed earlier in this chapter also apply to these expenses.
Fill in the "Other amounts deductible from your share of net partnership income loss " chart of your form. List the other amounts you can deduct from your share of the partnership's net income or loss. You can deduct expenses for the business use of a work space in your home, if you meet one of the following conditions:. You can deduct part of your maintenance costs such as heating, home insurance, electricity, and cleaning materials.
You can also deduct part of your property taxes, mortgage interest, and CCA. To calculate the part you can deduct, use a reasonable basis, such as the area of the workspace divided by the total area of your home.
If you use part of your home for both your business and personal living, calculate how many hours in the day you use the rooms for your business, and then divide that amount by 24 hours. Multiply the result by the business part of your total home expenses. This will give you the household cost you can deduct. If you run the business for only part of the week or year, reduce your claim accordingly.
James runs a business, for example a daycare, from his home weekdays from 7 a. The business uses an area of 35 square metres. The capital gain and recapture rules will apply if you deduct CCA on the business-use part of your home and you later sell your home. For more information about these rules, see chapters 4 and 7 , as well as Guide T, Capital Gains.
If you rent your home, you can deduct the part of the rent and any expenses you incur that relate to the work space. The amount you can deduct for business-use-of-home expenses cannot be more than your net income from the business before you deduct these expenses.
In other words, you cannot use these expenses to increase or create a business loss. If the net income loss after adjustments is negative, you must enter "0" at amount 7N when calculating your business-use-of-home expenses. In your next fiscal period you can use any expense you could not deduct in , as long as you meet one of the previous two conditions. The same rules apply. You can use the "Calculating business-use-of-home expenses" chart of your form to calculate your allowable claim for business-use-of-home expenses.
Enter on line your share of amount 7P. The expenses you claim on line cannot be claimed anywhere else on the form. Enter your net income or loss on this line of your form. Enter it also on the appropriate lines of your return:. For more information about losses, see Chapter 6. You may have to adjust the figure from line before entering it on your income tax return. If so, you may have to fill in the same form for To find out if you have to file Form T, and calculate the amount of income to report on your income tax return, see Form T, Reconciliation of Business Income for Tax Purposes.
If you are a partner in a partnership that does not have to file a partnership information return see Chapter 1 for these requirements , fill in the "Details of other partners" chart of your form. If you are a partner in a partnership that must file a partnership information return, you do not need to fill in the chart. If you are a partner in a partnership that must file a partnership information return, do not fill in this section.
A liability is a debt or an obligation of a business. Total business liabilities are the total of all amounts your business owes at the end of its fiscal period. A drawing is any withdrawal of cash including salaries or other assets, or services of a business by the proprietor or partners. This includes transactions by the proprietor or partners or family members , like withdrawing cash for non-business use and using business assets and services for personal use.
Include the cost or value of the personal use of business assets or services in your drawings for the year. A capital contribution is cash or other assets you added to the business during its fiscal period.
This includes personal funds you added to the business account, business debts you paid with personal funds, and personal assets you transferred to the business. You will not receive a reply. For enquiries, contact us. Skip to main content Skip to "About government". Current or capital expenses Renovations and expenses that extend the useful life of your property or improve it beyond its original condition are usually capital expenses.
Current or capital expenses Criteria Capital expenses Current expenses Does the expense provide a lasting benefit? A capital expense generally gives a lasting benefit or advantage. For example, the cost of putting vinyl siding on the exterior walls of a wooden house is a capital expense. A current expense is one that usually recurs after a short period. For example, the cost of painting the exterior of a wooden house is a current expense.
Does the expense maintain or improve the property? The cost of a repair that improves a property beyond its original condition is probably a capital expense. If you replace wooden steps with concrete steps, the cost is a capital expense. An expense that simply restores a property to its original condition is usually a current expense. For example, the cost of repairing wooden steps is a current expense. Is the expense for a part of a property or for a separate asset?
The cost of replacing a separate asset within that property is a capital expense. For example, the cost of buying a compressor for use in your business operation is a capital expense. This is the case because a compressor is a separate asset, and is not a part of the building. The cost of repairing a property by replacing one of its parts is usually a current expense.
For instance, electrical wiring is part of a building. Therefore, an amount you spend to rewire is usually a current expense, as long as the rewiring does not improve the property beyond its original condition. What is the value of the expense? Use this test only if you cannot determine whether an expense is capital or current by Buy Fishing Boat Canada Us considering the three previous tests.
Compare the cost of the expense to the value of the property. Generally, if the cost is of considerable value in relation to the property, it is a capital expense. This test is not a determining factor by itself. You might spend a large amount of money for maintenance and repairs to your property all at once. If this cost was for ordinary maintenance that was not done when it was necessary, it is a maintenance expense, and you deduct it as a current expense.
Is the expense for repairs made to used property you acquired intended to put it in suitable condition for use? The cost of repairing used property you acquired to put it in a suitable condition for use in your business is considered a capital expense even though in other circumstances it would be treated as a current operating expense. Where the repairs were for ordinary maintenance of a property you already had in your business, the expense is usually current.
Is the expense for repairs made to an asset in order to sell it? The cost of repairs made in anticipation of selling a property, or as a condition of sale, is regarded as a capital expense.
Where the repairs would have been made anyway, but a sale was negotiated during the course of the repairs or after their completion, the expense is considered current. Do not include any of the following in your expenses: salary, wages including drawings paid to self, partner s , or both the cost of saleable goods or services you, your family, or your partners and their families used or consumed including items such as food, home maintenance, and business properties for farmers, this includes items such as dairy products, eggs, fruit, vegetables, poultry, and meat donations to charities and political contributions interest and penalties you paid on your income tax most life insurance premiums; for more information on limited exceptions: for farming, see Line for fishing, see Line the part of any expenses that can be attributed to non-business use of business property most fines and penalties imposed, under the law of Canada or a province or a foreign country Prepaid expenses A prepaid expense is an expense you paid for ahead of time.
Part 4 � Net income loss before adjustments If you are self-employed, you can deduct certain amounts you spent to earn business, professional, commission, farming, and fishing income. To determine which lines occur on which forms please reference the icons below: For business and professional expenses For farming expenses For fishing expenses Each line number we refer to is a standardized financial statement item.
Line � Advertising You can deduct expenses for advertising, including advertising in Canadian newspapers and on Canadian television and radio stations. These limits do not apply in any of these cases: Your business regularly provides food, beverages, or entertainment to customers for compensation for example, a restaurant, hotel, or motel.
You bill your client or customer for the meal and entertainment costs, and you show these costs on the bill. You include the amount of meal and entertainment expenses in an employee's income or would include them if the employee did not work at a remote or special work location.
In addition, the amount cannot be paid or payable for a conference, convention, seminar, or similar event and the special work location must be at least 30 kilometres from the closest urban centre with a population of 40, or more, visit Statistics Canada. You incur meal and entertainment expenses for an office party or similar event, and you invite all your employees from a particular location.
The limit is six such events per year. The meal and entertainment expenses you incur are for a fund-raising event that was mainly for the benefit of a registered charity. You provide meals to an employee housed at a temporary work camp constructed or installed specifically to provide meals and accommodation to employees working at a construction site note that the employee cannot be expected to return home daily.
If you want to claim more than the flat-rate amount, the CRA will also need all following items: supporting receipts for all food and beverages claimed a document that clearly shows the extra amount of food and beverages required because of the nature of your work, and how this amount exceeds what the average person would consume in terms of both cost and quantity Meals and entertainment expenses for fishers Claim the total amount you paid for food you stocked on your boat to feed your crew when you fished offshore.
Line � Bad debts You can generally deduct an amount for a bad debt if you meet the following conditions: you had already included the account receivable in income you had determined that an account receivable is a bad debt in the year For more information, see Interpretation Bulletin IT , Bad Debts and Reserves for Doubtful Debts. Line � Insurance You can deduct commercial insurance premiums that you pay for insurance on any buildings, machinery, and equipment you use in your business.
Motor vehicle insurance costs are listed at line Insurance expenses for fishers Enter the premiums you paid to insure your fishing boat and equipment. Line � Interest and bank charges You can deduct interest on money borrowed for business purposes or to acquire property for business purposes.
There are limits on: The interest you can deduct on money you borrow to buy a passenger vehicle or a zero-emission passenger vehicle. The amount of interest you can deduct for vacant land. Usually, you can only deduct interest up to the amount of income from the land that remains after you deduct all other expenses. You cannot use any remaining amounts of interest to create or increase a loss, and you cannot deduct them from other sources of income.
The interest you paid on any real estate mortgage you had to earn fishing income. You can deduct the interest, but you cannot deduct the principal part of loan or mortgage payments. Fees, penalties, or bonuses paid for a loan You can deduct the fee you pay to reduce the interest rate on your loan. Fees deductible over five years You can deduct certain fees you incur when you get a loan to buy or improve your business property.
These fees include: application, appraisal, processing, and insurance fees loan guarantee fees loan brokerage and finder's fees legal fees related to financing You deduct these fees over a period of five years, regardless of the term of your loan. Fees deductible in the year incurred If you incur standby charges, guarantee fees, service fees, or any other similar fees, you may be able to deduct them in full in the year you incur them.
Interest deductible on property no longer used for business purposes You may be able to deduct interest expenses for a property you used for business purposes, even if you have stopped using the property for business activities because you are no longer in business. Interest on loans made against insurance policies You can deduct interest you paid on a loan made against an insurance policy, as long as the insurer didn't add the interest you paid to the adjusted cost base of the insurance policy.
Capitalizing interest You can choose to capitalize interest on money you borrow for one of the following reasons: to buy depreciable property to buy a resource property for exploration and development When you choose to capitalize interest, add the interest to the cost of the property or exploration and development costs instead of deducting the interest as an expense.
Interest related to workspace in your home The interest related to business use of workspace in your home is at line Line � Business taxes, licences, and memberships You can deduct all annual licence fees and some business taxes you incur to run your business. Licences business taxes and memberships for fishers Enter the total cost to renew your annual licences.
Line � Office expenses You can deduct the cost of office expenses. Line � Office stationery and supplies You can deduct the cost of items the business used to provide goods or services for example, drugs and medication used by a veterinarian or cleaning supplies used by a plumber.
Line � Professional fees includes legal and accounting fees You can deduct the fees you incurred for external professional advice, services, and consulting fees. Line � Management and administration fees You can deduct management and administration fees including bank charges incurred to run your business.
Line � Rent You can deduct rent incurred for property used in your business. Line and Line � Repairs and maintenance You can deduct the cost of labour and materials for any minor repairs or maintenance done to property you use to earn income. Fishing boat Enter the total amount you paid for the general repairs you needed to keep your fishing boat seaworthy. Engine Enter the total amount you paid for all general engine repairs.
Electrical equipment Deduct the amount you pay for repairs to a LORAN, sounder, radar, ship-to-shore radio, fish finder, and so on.
Line � Salaries, wages, and benefits including employer's contributions You can deduct employees' gross salaries and other benefits you incurred. You can also deduct any insurance premiums you pay for an employee for a sickness, an accident, a disability, or an income insurance plan and deduct the salary you pay to your child, as long as you meet all these conditions: you pay the salary the work your child does is necessary for earning business, professional, or fishing income the salary is reasonable when you consider your child's age, and the amount you pay is what you would pay someone else Keep documents to support the salary you pay your child.
Line � Crew shares Enter the total amount of each crew member's share of the catch. Line � Fishing gear Enter the amount you paid for gear. Line � Nets and traps Nets and traps include lines, hooks, buoys, anchors, and radar reflectors. Method 2 � Inventory method Include in inventory the cost of nets and traps and deduct the loss in value, as shown in the following example:.
Cost of nets and traps you bought in your fiscal period. Loss on nets and traps. Line � Salt, bait, and ice Enter the amount you paid for bait, ice, and salt used for your fishing business. Line � Property taxes You can deduct property taxes you incurred for property used in your business. Line � Travel expenses You can deduct travel expenses you incur to earn business and professional income.
Line � Utilities You can deduct expenses for telephone and utilities, such as gas, oil, electricity, water, and cable, if you incurred the expenses to earn income. Line � Fuel costs except for motor vehicles You can deduct the cost of fuel used in your business, as well as for your fishing boat and equipment, including gasoline, diesel, and propane , motor oil, and lubricants.
Line � Other expenses For a list of expenses you can claim on line on your T or T, see Line or � Other expenses. Line � Delivery, freight, and express You can deduct the cost incurred in the year of delivery, freight, and express that relates to your business.
Line � Motor vehicle expenses not including CCA You can deduct expenses you incur to run a motor vehicle you use to earn business or fishing income.
Expense lines specific to farming Line � Containers and twine Enter the total amount you paid for materials to package, contain, or ship your farm produce or products. Line � Fertilizers and lime Enter the total amount you paid for fertilizers and lime you used in your farming business. Line � Pesticides herbicides, insecticides, fungicides Enter the total amount you paid for herbicides, insecticides, and fungicides.
Line � Seeds and plants Enter the total amount you paid for seeds and plants. Line � Feed, supplements, straw, and bedding Enter the total amount you paid for feed, supplements, straw, and bedding you purchased for your farming business.
Line � Livestock purchased Enter the amount you paid for all livestock you purchased. Line � Veterinary fees, medicine, and breeding fees Enter the total amount you paid for medicine for your animals, and for veterinary and breeding fees.
Machinery expenses The expense of operating and maintaining your machinery is the total of line and line below. Line � Repairs, licences, and insurance Enter the total amount of repair, licence fee, and insurance premium expenses you incurred for your machinery. Line � Gasoline, diesel fuel, and oil Enter the total amount you paid for fuel and lubricants for your machinery.
Line � Total other expenses For a list of expenses you can claim on line on your T, see Line or � Other expenses. Line � Building repairs and maintenance includes fence repairs Deduct repairs to fences and all buildings you used for farming, except your farmhouse.
Line � Clearing, levelling, and draining land Enter the total of the expenses listed below. In most cases, you can deduct the costs for: clearing the land of brush, trees, roots, and stones first plowing of the land for farm use building an unpaved road installing land drainage You do not have to deduct all of the costs in the year you paid them.
Instead, you may be able to do one of the following: add these costs to the cost of the land add these costs to the cost of the building if you plan to build on the land right away include these costs under Class 8 in the CCA charts on Form T, Statement of Real Estate Rentals , if you installed a tile, plastic, or concrete land drainage system.
In this case, you also need to add the costs for a tile, plastic or concrete land drainage system to Class 8 on your CCA charts on Form T Improving land You cannot deduct the cost of a paved road. The costs you add to Class 8 are those you incurred to purchase and install: the casing and cribwork for the well the system that distributes water, including the pump and pipes You can deduct amounts you paid to have public utilities brought to your farm, as long as the installations remain the property of the utility.
Line � Crop insurance, Revenue Protection Program, and stabilization premiums Enter the amount of deductible premiums to the Crop Insurance Program. Line � Custom or contract work includes machine rentals Enter the expenses you incurred for custom and contract work, and machinery rental. Line � Electricity Only the part of your electricity costs that relates to your farming business is deductible.
Line � Heating fuel and curing fuel Enter the total amount you paid for natural gas, coal, and oil to heat farm buildings. Line � Insurance program overpayment recapture Enter the amount of any insurance program overpayment recapture you incurred. Line � Insurance Enter the amount of business-related insurance premiums you paid to insure your farm buildings, farm equipment excluding machinery and motor vehicles , livestock, and business interruption.
Line � Interest and bank charges You can deduct interest you incurred on money borrowed for farming business purposes or to acquire property for farming business purposes.
However, there are limits on: The interest you can deduct on money you borrowed to buy a passenger vehicle or a zero-emission passenger vehicle. For more information, see Line � Motor vehicle expenses. Line � Professional fees includes legal and accounting fees Deduct the fees you incurred for external professional advice or services, including consulting fees.
Line � Property taxes Enter the amount of land, municipal, and realty taxes you paid for property used in your farming business. Line � Rent land, buildings, and pasture You can deduct rent incurred for land, buildings, and pasture used in your farming business. If you farmed on a sharecrop basis and paid your landlord a share of the crop, you can do one of the following: Add to your income the FMV of the crops given to your landlord.
Deduct the same amount as a rent expense. Do not include the FMV in income and do not deduct the amount as a rent expense. You can deduct the salary you pay to your child, as long as you meet all these conditions: you pay the salary the work your child does is necessary for earning farming income the salary is reasonable when you consider your child's age, and the amount you pay is what you would pay someone else Keep documents to support the salary you pay your child.
Line � Motor vehicle expenses not including CCA You can deduct expenses you incur to run a motor vehicle you use to earn farming income. Line � Mandatory inventory adjustment included in the previous year If you included an amount for the mandatory inventory adjustment MIA on line in your fiscal period, deduct the amount as an expense in your fiscal period.
Line � Optional inventory adjustment included in the previous year If you included an amount for the optional inventory adjustment OIA on line in your fiscal period, deduct the amount as an expense in your fiscal period.
Fishing expenses � Specific information Fishing boat owners As a fishing boat owner, you can deduct all the expenses you had for each trip. Captains of fishing boats As the captain of a fishing boat, you can deduct expenses for which the owner did not pay or reimburse you.
Sharespeople As a sharesperson who receives a share of the catch, your income is the amount you received after you deducted all trip expenses from the sale of the catch. Use of a fishing boat mainly for personal use You may have used a fishing boat mainly for personal use, but sometimes caught a small amount of fish to sell. Grants, credits, and rebates Subtract, from the applicable expense, any grant, credit, or rebate you received.
Keeping motor vehicle records You can deduct motor vehicle expenses only when they are reasonable and you have receipts to support them. Simplified logbook for motor vehicle expense provisions Following a Federal initiative to reduce the paper burden on businesses, you can choose to maintain a full logbook for one complete year to establish a base year's business use of a vehicle. What type of vehicle do you own? Deductible expenses The types of expenses you may be able to claim on line of Form T or Form T , or line of Form T include: licence and registration fees fuel and oil costs electricity costs for zero-emission vehicles insurance interest on money borrowed to buy a motor vehicle maintenance and repairs leasing costs You can also claim CCA , but you enter this amount on line Business use of a motor vehicle or passenger vehicle including zero-emission vehicles and zero-emission passenger vehicles If you use a motor vehicle or passenger vehicle for business and personal use, you can deduct only the part of the expenses you paid to earn income.
Murray kept the following records for his fiscal period: Business kilometres. Repairs and maintenance. Interest on loan to buy truck.
Licence and registration fees. Total expenses for the truck. Joint ownership of a passenger vehicle or a zero-emission passenger vehicle If you and another person own or lease a passenger vehicle or zero-emission passenger vehicle, the limits on CCA , interest, and leasing costs still apply.
More than one vehicle If you use more than one motor vehicle or passenger vehicle for your business, for each vehicle keep a separate record that shows the total personal-use kilometres and business kilometres you drive, as well as the cost to run and maintain each vehicle. Interest You can deduct interest on the money you borrow to buy a motor vehicle, zero-emission vehicle, passenger vehicle, or a zero-emission passenger vehicle you use to earn business, professional, farming or fishing income.
Interest on loan to buy vehicle. Licence and registration. Total vehicle expenses. Leasing costs for a passenger vehicle or a vehicle that would qualify as a zero-emission passenger vehicle if you owned it You can deduct costs you incur to lease a passenger vehicle you use to earn income. Include these amounts on: line for business and professional expenses line for farming expenses line for fishing expenses When you use a passenger vehicle to earn farming or fishing income, there is a limit on the amount of the leasing costs you can deduct.
Meadow entered the following for Monthly lease payment. Prescribed CCA capital cost limit. Total lease charges incurred in fiscal period for the vehicle.
Total lease payments deducted in fiscal periods before for the vehicle. Total number of days the vehicle was leased in and previous fiscal periods. Repayments and imputed interest When you lease a passenger vehicle, you may have a repayment owing to you, or you may have imputed interest.
Line or � Other expenses For business and professional expenses, use line on Form T Disability-related modifications You can deduct expenses you incur for eligible disability-related modifications made to a building in the year you paid them.
Eligible disability-related modifications include changes you make to accommodate wheelchairs, such as: installing hand-activated power door openers installing interior and exterior ramps modifying a bathroom, an elevator, or a doorway You can also deduct expenses paid to install or get the following disability-related devices and equipment: elevator car-position indicators such as braille panels and audio indicators visual fire alarm indicators listening or telephone devices for people who have a hearing impairment disability specific computer software and hardware attachments Payment in kind If you received a payment in kind for a product or service you would normally have sold, include the fair market value FMV of the product or service in income.
Leasing costs Deduct the lease payments you incurred in the year for property used in your business. In this case, we consider that you: bought the property rather than leased it borrowed an amount equal to the FMV of the leased property You can deduct the interest part of the payment as an expense. To treat your lease this way, file one of these forms with your income tax return for the year you make the lease agreement: Form T, Election in Respect of the Leasing of Property Form T, Election in Respect of Assigned Leases or Subleased Property Convention expenses for business and professional You can deduct the cost of attending up to two conventions a year.
The conventions have to meet the following conditions: relate to your business or professional activity be held by a business or professional organization within the geographical area where the organization normally conducts its business This second limit may not apply if an organization from another country sponsors the convention and the convention relates to your business or professional activity. Computer and other equipment leasing costs If you lease computers, cellular telephones, fax machines, and other equipment, you can deduct the percentage of the lease costs that reasonably relates to earning your business income.
Allowable reserves You can deduct an amount for a reserve, contingent account, or a sinking fund as long as the Income Tax Act allows it and the amount is reasonable. For your premiums to be deductible, your PHSP coverage has to be paid under a contract with one of the following: an insurance company a trust company a person or partnership in the business of administering PHSPs a tax-exempt trade union of which you or the majority of your employees are members a tax-exempt business organization or a tax-exempt professional organization of which you are a member For more information on PHSPs , see Interpretation Bulletin IT , Meaning of 'private health services plan' and subsequent taxation years , or go to Private health services plan premiums.
For the purposes of this claim, the following terms apply: Arm's length employees are, generally, employees who are not related to you and who are not carrying on your business with you, for example, as your partners. Qualified employees are arm's length, full-time employees who have three months service since they last became employed with a business carried on by you, a business in which you are a majority interest partner, or a business carried on by a corporation affiliated with you.
Temporary or seasonal workers are not qualified employees. Insurable persons are people to whom coverage is extended and who are either: qualified employees people who would be qualified employees if they had worked for you for three months people carrying on your business including yourself and your partners How to calculate your maximum deduction for PHSPs The following sections explain how to calculate your maximum PHSP deduction based on whether you had employees and whether you insured them throughout the year or for part of the year.
If you did not have any employees throughout Your PHSP deduction is restricted by an annual dollar limit. This limit applies because he did not turn 18 until after the insured period began. Undeducted premiums If you deduct only part of your PHSP premium at line for farming or line for fishing, and you paid the premium in the year, you can include the undeducted balance when you calculate your non-refundable medical expense tax credit.
Line � Capital cost allowance CCA If you use a property you own such as a building, a motor vehicle, furniture, or equipment in your business, you might be able to claim CCA. Line � Total farm expenses Enter the total of lines and Enter the business part only. Line or � Net income loss before adjustments For business and professional income, use line on Form T Inventory adjustments included in for farmers Line � Optional inventory adjustment included in the current year If you want to include an inventory amount in income, read this section.
Line � Mandatory inventory adjustment included in the current year The mandatory inventory adjustment MIA decreases your net loss if you held inventory at the end of your fiscal period.
You have to make the MIA if all of the following apply: You use the cash method to report your income. You have a net loss on line of Form T You bought inventory and still have it at the end of your fiscal period. This does not refer only to inventory you bought in It includes inventory you had previously bought and still owned at the end of your fiscal period. Your MIA is the lesser of these amounts: the net loss before adjustments on line the value of the purchased inventory you still have at the end of your fiscal period To calculate your MIA , fill in charts 1, 2, 3, and 4.
To value your inventory, you need to know the meaning of the following terms. Farm inventory is tangible property that is either: held for sale, such as harvested grain used in the production of saleable goods, such as seed and feed in the process of being produced, such as standing crops, or feeder livestock Seed you have already planted and fertilizer or chemicals you have already applied are no longer part of your inventory items, but are included in the value of the standing crop that may be included in the optional inventory adjustment OIA.
Purchased inventory is inventory you have bought and paid for. Cash cost is the amount you paid to buy your inventory. Value of your purchased inventory To value your purchased inventory, read the text that follows and the example of how to fill in the MIA charts.
Except for specified animals, you have to value any purchased inventory you acquired before or during your fiscal period at the lesser of these amounts: the cash cost the FMV To determine which amount is less, compare each item or group of items separately in the inventory. Inventory bought before his fiscal period. Part 5 � Your net income loss Your share of net income loss before adjustments On Form T for business and professional income, enter your share of line on amount 5A.
Line � Other amounts deductible from your share of net partnership income loss If you are a partner in a partnership and you incur motor vehicle expenses for the business using your personal vehicle, you can claim those expenses on this line. Line � Business-use-of-home expenses You can deduct expenses for the business use of a work space in your home, if you meet one of the following conditions: it is your principal place of business you use the space only to earn your business income, and you use it on a regular and ongoing basis to meet your clients, customers, or patients You can deduct part of your maintenance costs such as heating, home insurance, electricity, and cleaning materials.
You can deduct the lesser of the following amounts: any amount you carry forward from your fiscal period plus the business-use-of-home expenses you incur in the net income loss at: amount e of Form T for business and professional amount f of Form T for farming amount e of Form T for fishing.
Line � Your net income loss Enter your net income or loss on this line of your form. Enter it also on the appropriate lines of your return: line , Business income line , Professional income line , Commission income line , Farming income line , Fishing income If you have a loss, enter the amount in brackets.
Part 8 � Details of other partners If you are a partner in a partnership that does not have to file a partnership information return see Chapter 1 for these requirements , fill in the "Details of other partners" chart of your form. Part 9 � Details of equity If you are a partner in a partnership that must file a partnership information return, do not fill in this section. Line � Total business liabilities A liability is a debt or an obligation of a business.
Total business liabilities include: accounts payable notes payable income taxes and taxes payable unpaid salaries, wages, and benefits interest payable deferred or unearned revenues loans payable mortgages payable any other outstanding balance related to the business Line � Drawings in the current year A drawing is any withdrawal of cash including salaries or other assets, or services of a business by the proprietor or partners.
Line � Capital contributions in the current year A capital contribution is cash or other assets you added to the business during its fiscal period. Previous page Table of contents Next page. Report a problem or mistake on this page. Please Call Trailer is on private property in Alban, On. Bedroom furniture. Good shape. Was used on a 20ft pontoon boat.
MEC Newt Suit. Very Good used condition. Fits large. Colour is called Goldwyn Hickory. Lightly used seadoo. I am the second owner and both owners are senior owners. Seadoo has not been abused and has been used for cruising various lakes. Immaculate shape. No issues. Winterized by seadoo mechanic and garage kept. No hour meter. Basic machine, 90 horsepower, three seater. Plenty of speed and power. Selling without trailer. If ad is posted it is still for sale.
Please do not ask if the seadoo is still for sale. Nly reason for selling is because we purchased a new one. Bayliner jazz. Solid boat 90hp merc sport jet. Motor runs but needs a tune up. Comes with trailer. Vintage snowmobile ski collection All good All cheap. From left to right. Two 's Rupp Chromed ski's springs spindles.
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Truck cap. Ford F Oscar the lion head. From an F Leer lights sliding side windows.. Fertilized quail eggs. He only wore it a few times. Both bought new in and only ran 3 tanks of gas thru it. No trailer. Lots of sheet metal. First two photos are the 2 different piles we have.. All included except the 10 sheets aluminium on very bottom of pile of second photo that are not really visible in photo.
Many many sheets as piles are stacked tight. Come take a look in Washago.. Looking to sell as one lot at this point. Fresh, full jam car! Leather, navigation, power windows and doors. Very economical and fun to drive. Queen-sized Sealy Posturepedic mattress and box spring set for sale.
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