Samer Majzoub is a Montreal business consultant who has a prominent voice in the Muslim community and was outspoken on the 2016 nightclub shooting at Pulse in Florida. He condemned the perpetrator of the Orlando, Florida, tragedy. When he’s not advocating for the civil rights of others, Samer Majzoub has a focus on tax issues faced by Canadian citizens.
As home-based business ownership rose in 2020, there are numerous tax breaks available to those who work at home. One of these centers on office expenses, with items such as pens and stamps considered as one-time T1 line 8810 deductions. Other purchased items such as devices and office furniture are considered depreciable assets. Because they wear out over an extended period of time, they are calculated under capital cost allowance rules, and only a portion of the original cost can be claimed as deductible each year. The Canada Revenue Agency (CRA) website provides further information on the specific classes of depreciable property and the rates they carry.
Another deductible involves insurance premiums related to equipment, space, or machinery used for business purposes. Keep in mind that home-based business insurance is not the same as home insurance. Still, a portion of the latter can be written off, provided that specific CRA conditions are met. In addition, home mortgage interest may be deducted, if the residence is being used for operation of a home-based business.
As home-based business ownership rose in 2020, there are numerous tax breaks available to those who work at home. One of these centers on office expenses, with items such as pens and stamps considered as one-time T1 line 8810 deductions. Other purchased items such as devices and office furniture are considered depreciable assets. Because they wear out over an extended period of time, they are calculated under capital cost allowance rules, and only a portion of the original cost can be claimed as deductible each year. The Canada Revenue Agency (CRA) website provides further information on the specific classes of depreciable property and the rates they carry.
Another deductible involves insurance premiums related to equipment, space, or machinery used for business purposes. Keep in mind that home-based business insurance is not the same as home insurance. Still, a portion of the latter can be written off, provided that specific CRA conditions are met. In addition, home mortgage interest may be deducted, if the residence is being used for operation of a home-based business.
