I’m not an accountant so would advise you to contact one for more detailed information pertaining to your personal situation and also recommend exploring the Canada Revenue Agency website.
However, as a bookkeeper, I do help small businesses prepare for this process and would like to share with you some of the business related expenses you may be able to claim to offset your income as a self-employed author.
· Office supplies (paper, pens, printer cartridges, …)
· Office equipment (computer, printer, fax, copier….)
· Office furniture
· Courier, postage, freight
· Service charges for (printing, photocopying, binding…)
· Research materials (books, magazines…)
· Membership dues for writing organizations
· Payment for an assistant
· Advertising and promotion costs
· Business phone
· Equipment repair
· Bank charges (if you have a separate business account)
· Writing courses
· Writing related conventions (limit two per year)
· Travel expenses (transportation, accommodations, meals)
· Vehicle (fuel, repairs & maintenance, loan interest, insurance).
- Keep track of the kilometres used for writing-related purposes.
· Home office (a percentage of your home could be used to claim deductions on your utilities, property tax, mortgage interest and more)
· Separate business office outside of the home (almost all of the rent, utilities, and other expenses can be claimed)
*** Remember to keep all your receipts. If you are ever audited, it will make the process smoother.