Calculating business-use-of-home expenses

Example

The following is an example of how to calculate the business-use-of-home expenses:

Calculation of business-use-of-home expenses

Heat
$ 1,200.00

7A 

Electricity
$ 1,000.00

7B 

Insurance
$ 650.00

7C 

Maintenance
$ 350.00

7D 

Mortgage interest
$ 8,000.00

7E 

Property taxes
$ 1,800.00

7F 

Other expenses (specify): Water

$ 300.00

7G 

Subtotal: Add amounts 7A to 7G

$ 13,300.00

7H 

Personal use part ( 162 ÷ 180 × $13,300 )

$ 11,970.00

7I 

Subtotal: Amount 7H minus amount 7I

$ 1,330.00

7J 

Capital cost allowance (business part only)

$ 0.00

7K 

Amount carried forward from previous year

$ 150.00

7L 

Subtotal: Add amounts 7J to 7L

$ 1,480.00

Line 7M

Net income (loss) after adjustments

$ 7,100.00

Line 7N

Business-use-of-home expenses available to carry forward: Amount 7M minus amount 7N (if negative, enter "0")

$ 0.00

7O 

Allowable claim (the lesser of amount 7M or 7N above)

$ 1,480.00

Line 7P

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