Tax Deductions

tax deductions: Self-employment is a great tax-shelter because of the many tax deductions available to entrepreneurs. CRA allows deductions for a multitude of expenses as long as the costs are reasonable and were incurred in order to generate income for the business, according to The Star. What does commingling look like and Being self-employed has many benefits, one of which is that business owners get increased tax planning opportunities. CRA isnt going to take your word for it though, so recordkeeping is essential. One of the most common mistakes entrepreneurs make is commingling personal and business expenses. (www.immigrantscanada.com). As reported in the news.