Hi guys,
I started doing contract work and incorporated about 5 month ago, at first I thought it would be a short gig, but have recently been renewed for another year, so I feel I should take advantage of any tax savings I can. I didn't want to bother with much at first as I thought it would be a short term thing, but now that it's longer, the possible tax savings are much higher, and I would like to take advantage of them.
So far, I am keeping a driving log for all my contract related driving (at .55c/km i believe), and I have claimed my incorporation fee, and claim my business account bank fees, but other then that, I haven't done much.
Of the top of my head, I believe I could claim for some of these items and want to see your guys's input.
1. Cell phone. I receive my work e-mail on it and use it for work calls and such. The phone is setup as a standard personal use setup, and I am on a couples plan through Zoomer wireless. Am I able to claim half the cost of this plan? (the other half is wife's phone..) How does this work?
2. I have a study room in my house that I use to conduct work remotely, and regularly meet with another client to discuss work. I believe I should be able to claim this as office space? In addition to that, if I am able to claim it as office space, what kind of deductions can go along with it? I don't have a mortgage as the house is fully paid off. Can i claim portion of property tax...utilities...internet...house insurance? I also have a small room dedicated as my server room/lab for testing products and such (i work in IT)...can that be claimed or rolled up into office space space?
Anything else I should consider that I haven't though about? Can car insurance/oil changes be claimed...or is that all rolled in the mileage credit?
Thanks!