The Breaking Bank Guide to Tax Deductions & Business Expenses in Canada
Every spring, millions of Canadians follow the same routine. They gather their tax slips, open up the filing software, and submit everything just in time for the deadline. In the rush to get it done, most leave something valuable on the table. Strategy.
Taxes are not just about compliance. They are a financial design tool. The way you structure your income, expenses, investments, and debt can directly impact what you keep. That is, if you understand how to use the rules.
It is a practical, Canada-specific guide that helps you stop missing the deductions and credits you are already eligible for.
What Most Canadians Get Wrong
One of the most overlooked tax lines in Canada is Line 22100. It allows you to deduct interest on money borrowed to earn investment income. Most people skip it without realizing what they are leaving behind.
Another common miss is with business owners. They might deduct a laptop or internet plan but forget that accounting fees tied to investment or rental income also qualify.
Some rental hosts even try to deduct their family vacations or furniture upgrades. Without documentation, that usually gets denied.
These are not rare scenarios. They are everyday mistakes that cost real money.
The Guide Covers What Filing Software Does Not
Filing software helps you submit. It does not help you design a better tax outcome.
Inside the guide, you will find:
• What qualifies as a carrying charge and how to claim it • Which business expenses are actually CRA-safe • How to use the cash damming strategy to convert bad debt into good debt • What to track if you rent out your home or suite • When capital cost allowance helps and when it creates problems
These strategies work whether you are self-employed, renting out space, investing through a non-registered account, or just trying to make smarter tax decisions.
Know What You Are Allowed to Claim
The CRA does not prompt you to claim deductions. That responsibility is on you. But once you know what is permitted, you can make smarter, cleaner, more confident choices.
This guide is not about loopholes. It is about control. Use it to reduce what you owe and protect what you earn.
Every spring, millions of Canadians follow the same routine. They gather their tax slips, open up the filing software, and submit everything just in time for the deadline. In the rush to get it done, most leave something valuable on the table. Strategy.
Taxes are not just about compliance. They are a financial design tool. The way you structure your income, expenses, investments, and debt can directly impact what you keep. That is, if you understand how to use the rules.
We partnered with CPA and tax strategist Monique Verlaan to build something better. 👉 The Breaking Bank Guide to Tax Deductions & Business Expenses in Canada
It is a practical, Canada-specific guide that helps you stop missing the deductions and credits you are already eligible for.
What Most Canadians Get Wrong
One of the most overlooked tax lines in Canada is Line 22100. It allows you to deduct interest on money borrowed to earn investment income. Most people skip it without realizing what they are leaving behind.
Another common miss is with business owners. They might deduct a laptop or internet plan but forget that accounting fees tied to investment or rental income also qualify.
Some rental hosts even try to deduct their family vacations or furniture upgrades. Without documentation, that usually gets denied.
These are not rare scenarios. They are everyday mistakes that cost real money.
The Guide Covers What Filing Software Does Not
Filing software helps you submit. It does not help you design a better tax outcome.
Inside the guide, you will find:
• What qualifies as a carrying charge and how to claim it
• Which business expenses are actually CRA-safe
• How to use the cash damming strategy to convert bad debt into good debt
• What to track if you rent out your home or suite
• When capital cost allowance helps and when it creates problems
These strategies work whether you are self-employed, renting out space, investing through a non-registered account, or just trying to make smarter tax decisions.
Know What You Are Allowed to Claim
The CRA does not prompt you to claim deductions. That responsibility is on you. But once you know what is permitted, you can make smarter, cleaner, more confident choices.
This guide is not about loopholes. It is about control. Use it to reduce what you owe and protect what you earn.
Read the full guide: The Breaking Bank Guide to Tax Deductions & Business Expenses in Canada
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