Calculating business-use-of-home expenses

Example

The following is an example of how to calculate the business-use-of-home expenses:

Calculation of business-use-of-home expenses

Heat
$ 1,200.00
 
Electricity
$ 1,000.00
 
Insurance
$ 650.00
 
Maintenance
$ 350.00
 
Mortgage interest
$ 8,000.00
 
Property taxes
$ 1,800.00
 
Other expenses (specify): Water
$ 300.00
 
Subtotal
$ 13,300.00
 
Minus: Personal use part (162 ÷ 180 × $13,300)
$ 11,970.00
 
Subtotal
$ 1,330.00
 
Plus: Capital cost allowance (business part only)
$ 0.00
 
Plus: Amount carried forward from previous year
$ 150.00
 
Subtotal
$ 1,480.00
Line 1
Minus: Net income (loss) after adjustments (from line Q in Part 6) (if negative, enter "0")
$ 7,100.00
Line 2
Business-use-of-home expenses available to carry forward (line 1 minus line 2) (if negative, enter "0")
$ 0.00
 
Allowable Claim (the lesser of amount 1 or 2 above) (enter your share of this amount on line 9945 in Part 6 of form T2125)
$ 1,480.00
Line 3
 

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