![]() Tickets to a movie, or a new bike, not so much (unless you’re a film critic or a courier!) Personal expenses are costs that aren’t required for you to run your business.įor example : printer paper, and ink are both common business expenses. Simply put, good bookkeeping = good business! What’s the difference between a business and personal expense?Īny expense that’s directly linked to operating and earning money for your business is considered a business expense, which you can claim on your tax return as a deduction. You’ll be able to file on time and you’ll keep the CRA happy.You’ll be on top of deductions that can help reduce your taxable income.You’ll have a better understanding of your income and related costs.Why is it important to keep track of business expenses?ĭiligently tracking and recording all your expenses puts you in control and ahead of the game.
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