Insurance

You can deduct all ordinary commercial insurance premiums you incur on any buildings, machinery, and equipment you use in your business.

Enter the amount on line 8690 of Form T2125, Statement of Business or Professional Activities.

The insurance costs related to motor vehicles have to be claimed as Motor vehicle expenses.

The insurance costs related to business use of work space in your home have to be claimed as business-use-of-home expenses.

In most cases, you cannot deduct your life insurance premiums.

Forms and publications

• Guide T4002, Business and Professional Income
• Form T2125, Statement of Business or Professional Activities