Deducting your business expenses
You can deduct any reasonable expenses you incur to earn your daycare income. It is important to know the difference between daycare expenses and your personal expenses.
Here is a list of expenses that are deductible:
- Business-use-of-home expenses
- Business taxes, fees, licences, dues, memberships, and subscriptions
- Capital cost allowance (CCA) for your daycare
- Field trips
- Legal, accounting, and other professional fees
- Maintenance and repairs
- Management and administration fees
- Motor vehicle expenses
- Office expenses
- Salaries, wages, and benefits
You must keep all records which include items such as original receipts, sales invoices and contracts. Keep these records in case we ask to see them later. Do not send these receipts with your income tax and benefit return.
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