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Are you self-employed (have a business that is reported on your personal tax return)?
Use our spreadsheet to summarize all of your business income and categorize your business expenses HERE
Are you an employee making commissions?
Use our spreadsheet to summarize all of your employment expenses HERE
Do you own rental property?
Use our spreadsheet to summarize all of your rental income and expenses HERE
Do you work from home a lot or were you a work at home employee during 2020?
If you own your own business, or you are an employee allowed to work from home, you may be entitled to deduct some expenses in your home necessary to have a work space in your home. You can download our Office-In-Home spreadsheet to calculate your percentage for business or employment use of home expenses HERE
Do you have vehicle expenses you would like to claim?
You can calculate vehicle expenses in two ways of your choice: The “Regular Method” and The “Simplified Method”.
What is the “regular method” of calculating vehicle expenses? The regular method uses the following equation:
Total kilometers used to earn business or employment income / [Total kilometers driven for business or employment + Total kilometers driven for personal use] x Total vehicle receipts.
Use our spreadsheet to summarize all of your vehicle expenses for business using the regular method HERE.
What is the “simplified method” of calculating vehicle expenses? The simplified method uses the following equation:
Total kilometers used to earn business or employment income x Canada Revenue Agency’s prescribed rate each year, which is HERE