The 50 Main Tax Deductions (PDF)
A Really Useful Document!
The document is a comprehensive checklist entitled “Top 50 Tax Deductions Checklist for Canadian Small Businesses,” prepared by INDICE Accountant CPA INC. It aims to help small business owners maximize their tax savings by identifying eligible expenses. The guide is divided into five main sections: general deductions (applicable to all businesses) and four specialized sections (law firms, construction companies, medical practices, and dentistry). Each deduction includes a brief description and a checkbox.
The first 26 deductions are general deductions, common to most small businesses. They cover routine expenses such as office rent, utilities (electricity, water, telephone, internet), office supplies, insurance premiums, business loan interest, advertising, professional fees, travel expenses, business meals, employee salaries, payroll expenses, equipment rental, repairs, software, bad debts, bank charges, legal fees, research and development, charitable donations, training, inventory, uniforms, employee training, and asset depreciation.
The specialized sections begin with law firms (deductions 27 to 32: legal research, continuing education, law library, filing fees, legal publications and software) followed by construction companies (deductions 33 to 38: tools and equipment, construction materials, site vehicles, safety equipment, contractor licenses, and industry-specific training).
Finally, the document details the deductions for medical practice (deductions 39 to 44: medical equipment, professional liability insurance, reference books, conferences, continuing education, and medical software) and dentistry (deductions 45 to 50: dental equipment and instruments, supplies, laboratory fees, dental liability insurance, continuing education, and dental technologies). The guide concludes with an invitation to book a free consultation at indicpca.com for personalized advice.
