Top 10 Tax Deductions Small Business Owners Often Miss

Introduction

Running a small business in Canada means every dollar counts — and that includes what you save on taxes. Yet, many business owners leave money on the table simply because they’re unaware of all the deductions they’re entitled to claim. Whether you’re in Vernon, Toronto, Edmonton, or anywhere in between, knowing what you can write off can significantly lower your tax bill.

Here are the top 10 tax deductions you might be missing.

1. Home Office Expenses

Deduct a portion of rent/mortgage interest, utilities, internet, and insurance if your home office meets CRA rules.

2. Vehicle Expenses

Deduct the business-use portion of fuel, repairs, insurance, and depreciation.

3. Professional Fees

Accountants, bookkeepers, and legal advisors — yes, you can claim these costs.

4. Meals & Entertainment

50% of eligible business meal costs can be deducted.

5. Advertising & Marketing

Online ads, flyers, website hosting — all count.

6. Bank Charges & Interest

Business account fees and loan interest are deductible.

7. Salaries & Wages

Include benefits and employer CPP/EI contributions.

8. Training & Education

Courses to improve your business skills are claimable.

9. Office Supplies & Equipment

From paper clips to computers, it’s all deductible if business-related.

10. Bad Debts

Write off amounts that can’t be collected after reasonable effort.