How can I deduct some of my business start-up costs up to $5,000 in my first year in business?

To claim your business expenses, please follow these steps.

1. Skip ahead to the Self Employment Expenses section by selecting the magnifying glass from the menu.
2. Enter self-employment in the search bar. 
3. Select Self-Employment.
4. Select Go.
5. On the Your Self-employment Profile for 2020 screen, select any applicable boxes.
6. Select Continue.
7. Select Enter New Business for.
8. On the Your Business Income for 2020 screen, select your business type from the dropdown menu. 
9. Select Continue. 
10. On the T2125 Business Statement screen, enter the basic information about your business.
11. In the Calculation of Expense section, fill out  your expenses
12. When finished, select Continue to claim your expenses.

If you need any further information, you can reach us on Facebook or Twitter.