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Business income or professional income from self-employment or your share of a partnership is reported on your T1 income tax return on Form T2125–Statement of Business or Professional Activities. Expenses that you can claim may include: ✅ Cost of goods sold ✅ Advertising ✅ Meals and entertainment ✅ Bad debts ✅ Insurance ✅ Interest and bank charges ✅ Business taxes, licences, and memberships ✅ Office expenses ✅ Office stationery and supplies ✅ Professional fees (includes legal and accounting fees) ✅ Management and administration fees ✅ Rent ✅ Repairs and maintenance ✅ Salaries, wages, and benefits (including employer’s contributions) ✅ Property taxes ✅ Travel expenses ✅ Utilities ✅ Fuel costs (except for motor vehicles) ✅ Delivery, freight, and express ✅ Motor vehicle expenses ✅ Capital cost allowance (depreciation) We take the confusion out of taxes so you can BREATHE EASY! “Asif was wonderful at getting our taxes completed in a timely manner. He responded to our queries and short timelines. He explained all we needed to know. We will definitely use Asif for our taxes in the future.” — Pamela W.