With so much going on in your business, it is often easy to overlook tracking the daily expenses that you accumulate. One of the easiest categories to lose track of is mileage driven to and from customer or supplier locations. In most provinces, the standard deduction is 54 cents for the first 5,000 kilometres driven and 48 cents over 5,000. While you may not travel far each day, those totals can add up over the course of a year.
Perhaps you work from home. In that case, you are allowed to deduct expenses such as mortgage interest, repairs, and insurance to help minimize your tax liability. QuickBooks Online offers a convenient and easy way to record any ongoing expenses you may incur on a daily basis.