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You are a business. You, hopefully, exist with the goal of making as much profit as possible. This will involve you looking at ways in which you can maximize profit whilst reducing tax. This means claiming expenses. On this page, we will take a little look at a few of the expenses an accounting firm will look for when filing your GST/QST.
• If you have entertainment expenses e.g. entertaining a client in a bid to secure their contract, or perhaps entertaining your staff at the end of a long, hard year, your tax accountant will be able to help you claim up to 50% of this back as expenses.
• All office expenses, including computers, photocopying, paper, and stationary can be claimed 100%.
• Utilities such as gas and electricity will be 100% deductible.
• Any expenses required to maintain your business (e.g. the replacement of fixtures and fittings) can be 100% deductible, even if you outsource the maintenance. Remember, if you outsource, do try to get an invoice from the person you outsource to otherwise you will be unable to claim it as an expense.
• Communication expenses e.g. telephone, fax, or even the internet is 100% deductible. If you have a website which you use for your business, the cost of hosting and domain name will be 100% deductible, as well as any content that you may purchase to put on your website.
• Parking costs
• Rent for your office, or rent for any piece of equipment that you may be using in the course of business.
• If you operate a vehicle, you have the ability to claim up to 100% of its expenses as a deductible. However, you can only do this for expenses generated in the course of business. If you use your vehicle for personal usage as well as business, things do get a bit more complex. You will most likely wish to speak to a professional accounting firm in this situation to ensue you are doing everything properly.
Remember, if you wish to claim an expense, you will need to make sure that the invoice or contract is made out to the name of your incorporation. This is the only way in which you can be that it will be 100% deductible. If you need any further information, please do not hesitate to get in touch with a professional accountant such as ourselves.

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F.A.Q

Gross sales are defined as the sales / revenues including taxes (GST, HST, and QST). When we remove the sales tax from the sales / revenues that is called net sales.
Long Term debt is any loans, liabilities or financial obligations lasting over one year. These amounts will not become due within one year of the balance sheet date. They will be capitalized on the balance sheet.
The governement provides a six month grace period to submit your incorporation taxes and registered company taxes, so for example if your year end is December 31st, you have till June 30th to submit your taxes.
Personal taxes are due by April 30th.

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Since 2004, 514 Accounting has provided start-ups, small and medium sized businesses all over Montreal, Quebec and Ontario with affordable, reliable, and professional accounting and consulting services.

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